Diagnostic: 22999 - "Schedule M-2. According to the latest Form 1120-S instructions, expenses paid with forgiven PPP loans should be reported on Schedule M-2 line..." with an 1120S return using interview forms in CCH® ProSystem fx® Tax.
- Article Type:
- Problem Resolution
- Last Modified:
- 04/17/2023
Symptoms
Full Diagnostic Text
Schedule M-2. According to the latest Form 1120-S instructions,expenses paid with forgiven PPP loans should be reported onSchedule M-2 line 5, column D. Since these deductible expenseswould usually be classified in Column A, we are awaiting clarification from the IRS. Until then, Interview form L-4 canbe used.
Environment
- CCH® ProSystem fx® Tax
- CCH Axcess™ Tax.
- 1120S
- S Corporation
- Interview Forms View - IVF
Resolution
- Please use the overrides specified, as needed, to adjust for your specific clients needs.
- This diagnostic is only a disclosure and will not clear until final IRS guidance is issued.
Additional Information
N/A
Solution Tools
Attachments
| Solution Id | 000158915/000139920 |
|---|---|
| Direct Link |
