Report PPP loan forgiveness by following these steps:
- Go to Federal / Income & Expenses / Your income and expenses / Less Common Income / Miscellaneous Income, 1099-A, 1099-C.
- Click Start / Revisit to the right of Forgiveness of PPP Loans.
The Journal of Accountancy states:
Rev. Proc. 2021-48: Timing issues
Rev. Proc. 2021-48 covers the timing of receipt of PPP forgiveness tax-exempt income.
Taxpayers may treat such income as received or accrued when either:
- (1) expenses eligible for forgiveness are paid or incurred;
- (2) an application for PPP loan forgiveness is filed; or
- (3) PPP loan forgiveness is granted.
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