2021 Instructions for form 1120-S draft as of December 22, 2021.
Page 22 1120-S Schedule B Question 12 states:
“Amounts related to the forgiveness of PPP loans are disregarded for purposes of this question.”
As of today’s date, the IRS does not post a 2021 Instructions for form 1120-S but the treatment in the draft version is my understanding of the direction that the IRS is likely to go.
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