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

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-S)

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

1 CE credit of Annual Filing Season program (AFSP)( 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 Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00421-21-S)

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

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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

Overview

  • Tax Deductions
    4 mins
  • Basis Issue
    13 mins
  • Loans and Entities
    21 mins
  • Tax Court Case May Be Related
    26 mins
  • Form 1065, Partner K-1
    33 mins
  • Tax Deductions
    48 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/CE course for CPAs and tax professionals 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/CE 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 


Click to access more webinars on Latest Tax Updates | IRS Audit & Representation | Trust & Estate Planning 

Learning Objectives

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

Who Should Attend?

  • 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

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