PPP Loans and Tax Implications: Guidance for S-Corporations and Partnerships

4.6 (54)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Friday, February 26, 2021 | 04:00 PM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Professional
  • CTEC
  • CFE

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit for Certified Fraud Examiners (CFEs)

1 CPE credit of Taxes for all CPAs

1 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

1 CE credit of Federal Tax Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Update for Oregon Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Apr 14, 2021 | 01:30 PM EDT Register
Apr 16, 2021 | 11:00 AM EDT Register

Course Description

The Taxpayer Certainty and Disaster Relief Act in December 2020 allowed businesses to claim tax deductions for expenses paid with forgiven PPP proceeds. This was hailed as a great victory for taxpayers, and it certainly was. But did you know, there's still an issue here as it relates to S-corporation shareholders and partners in a partnership? This webinar will explore this issue and offer possible suggestions and solutions. We'll also discuss the employee retention credit (ERC) and its coordination with PPP and tax returns. 
 
This PPP CPE webinar will cover

  • What was the IRS's position on tax deductions, and why?
  • What the December stimulus bill changed
  • The basis issue and S-corps and partnerships
  • What year do you do the basis increase?
  • How do you record loan forgiveness on the books?
  • How do you record loan forgiveness on the tax return?
  • Coordinating PPP, the ERC and tax returns 
This continuing education webinar  is suitable for CPA, CVA, EA, AFSP, CFE for Accounting staff as well as any Professional or Staff Member involved in Preparation or Review of Business Tax Return.

Learning Objectives

  • Explain what the basis issue is relating to PPP loans and shareholders and partners
  • Understand how to record PPP forgiveness on the books
  • Understand the reporting issues
  • Identify the interaction between PPP, ERC and tax returns

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Testimonial

4.6

(54)
56%
44%
0%
0%
0%

KK

This was my first time taking a CPE class from Jason. He is very knowledgeable and did a great job explaining the seminar. I will take more from him in the future.

BP

Jason is awesome - gets into the discussion in a very clear and succinct way. No blah-blah!

TS

This is my second class with Jason Dinesen, EA and both times he was a very good presenter. The material was timely, relevant and can be complicated. He breaks it down in a way to makes easy to understand.

ST

Stated objectives were taught

MH

Great class, very informative, gave good examples.

JC

Some good discussion, but the title said "guidance" so I was hoping for some answers. I think this was more a discussion of the questions that we all apparently have with PPP and ERC.