In this live zoom video conference students will learn about of the 3 choices available for reporting PPP loan forgiveness as tax-exempt income on Form 1120-S and the effect that each choice has on when to increase the tax basis in S stock and how and when to report that forgiveness as tax-exempt income (and how to report related deductions) on Schedule M-2 in a manner that is most beneficial for the taxpayer. After completing this program, participants will be able to file 1120-S and Schedule M-2 correctly. This program is group discussion friendly, and questions are encouraged during the presentation. Ideal for CPAs, EAs, and CFPs.