CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

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

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • Tax Preparer
  • CTEC
PPP Loans and Tax Implications: Guidance for S-Corporations and Partnerships

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00421-21-O)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0422)

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

1 CPE credit for Certified Fraud Examiners (CFEs)

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

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00421-21-O)

1 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00421-21-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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?

  • 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

4.5

(236)
64%
28%
7%
1%
0%

SB

Totally on point! Great breakdown of the information.

WDGI

Updated knowledge on PPP loans I needed.

TM

The instructor knew the material well and presented aspects of the PPP loan that I hadn't even thought about like owners equity for partnerships and S-Corps.

JG

Good statement of the issue that has yet to be resolved by the IRS.

JW

One of my favorite presenters

RR

Great job