PPP Loans And Tax Implications: Guidance For S-corporations And Partnerships

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

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

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 Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers

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

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

Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

May 19, 2021 | 03:00 PM EDT Register

Overview

  • AICPA Writes Letter
    1 mins
  • December Stimulus Bill
    10 mins
  • Balance Sheet
    19 mins
  • Other Tax Issues
    30 mins
  • Calculations
    42 mins

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 CPE webinar for CPAs 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 online CPE webinar covers following 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 

Recommended for:

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

  • To explain what the basis issue is relating to PPP loans and shareholders and partners
  • To understand how to record PPP forgiveness on the books
  • To understand the reporting issues
  • To identify the interaction between PPP, ERC and tax returns

Who Should Attend?

  • California Registered Tax Professional
  • Certified Fraud Examiner
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA