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How to report PPP loan forgiveness on tax return Schedule C?

If you need to report it as Other income, because the Taxpayer need to payback the PPP Loan, you can use Line 6 on the Schedule C, page 1 or on Form 1040, Schedule 1, line 8z. Both of these lines will include the PPP loan that needs to be paid back in income.

What is a 1120 tax form?

Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.

What type of corporation is an 1120?

Form 1120 is the tax form C corporations (and LLCs filing as corporations) use to file their income taxes. Once youve completed Form 1120, you should have an idea of how much your corporation needs to pay in taxes.

Can I get my business tax transcript online?

You may register to use Get Transcript Online to view, print, or download all transcript types listed below. If youre unable to register, or you prefer not to use Get Transcript Online, you may order a tax return transcript and/or a tax account transcript through Get Transcript by Mail or by calling 800-908-9946.

Where can I find 1120S?

You can download Form 1120S directly from the IRS website. Or if you use tax software, you can find it there too.

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