PPP Forgiveness and the creation of tax-exempt income that could be offsetting expenses reported in a prior year makes for complex accounting and tax situations. TurboTax Business is accurate for Partnership returns and TurboTax Self-Employed and TurboTax Home & Business are accurate for Schedule C filers with PPP loans. Unfortunately, there is a known issue, in TurboTax Business for S-Corp filings, that does not report the PPP loan forgiveness correctly. We have provided this help article so you can enter the workaround on your S-Corp return so it can be filed correctly. The steps are valid whether you have imported your information from Quickbooks or not.
How do I change a PPP loan imported by QuickBooks to nontaxable income for my S corporation?
@SteveArnold
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