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

4.6 (34)

Jason Dinesen, EA

Dinesen Tax & Accounting, P.C.

Wednesday, February 24, 2021 | 03:00 PM EST

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

1 CPE | 1 CE

$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

Feb 26, 2021 | 04:00 PM EST Register
Mar 02, 2021 | 10:30 AM EST 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. 
 
Key topics: 

  • 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 CPE/ CE webinar is suitable for Accounting staff as well as any Professional or Staff Member involved in Preparation or Review of Business Tax Return.  

Pre-requisites: Basic knowledge of business taxation and 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?

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

Testimonial

4.6

(34)
62%
38%
0%
0%
0%

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.

PK

note: the word "continuing" is misspelled in this box!