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Form 1120S and PPP Advances

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    #1

    Form 1120S and PPP Advances

    How do you report PPP advances on Form 1120S? Does it increase the shareholder's basis?
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    #2
    Eventually, after you treat it as tax free income on tax return. Tax program will have an data entry spot to list it. Net result is it will end up as shareholder basis.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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