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Play, download and edit the free video PPP Loans And Tax Implications Guidance For S-corporations And Partnerships.

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 changedThe basis issue and S-corps and partnershipsWhat 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.

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