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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Thursday, August 13, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide guidance to tax counsel and advisers on critical tax issues associated with Paycheck Protection Program (PPP) loans and related expenses. The panel will discuss the latest developments and IRS guidance, challenges of loan forgiveness and exclusion from taxable income, and recently issued Notice 2020-32 and the deductibility of covered expenses.

Faculty

Juan F. Vasquez
Shareholder; Co-Chair, Firm Tax Controversy Section
Chamberlain, Hrdlicka, White, Williams & Aughtry

Mr. Vasquez serves as the Co-Chair of the Firm's Tax Controversy Section and concentrates his practice on federal, state and local tax controversy matters, including in connection with examinations, administrative appeals and trial. He also represents clients in administrative and policy matters before the IRS, various states, and local taxing authorities. Mr. Vasquez also represents clients in tax planning, ERISA and executive/deferred compensation,  estate planning, and trust related matters. He represents a broad range of clients including individuals, privately held businesses, and large Fortune 500 companies and multinationals.

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Jaime Vasquez
Shareholder
Chamberlain, Hrdlicka, White, Williams & Aughtry

Mr. Vasquez concentrates his practice on federal, state, and international transactional and tax controversy matters, including income, employment, sales, franchise, motor fuels, tobacco, and other excise matters before the IRS and state taxing authorities. He has experience resolving IRS examinations, collection cases, installment agreements, offers in compromise, requests for collection due process hearings, private letter rulings and requests for innocent spouse relief. Mr. Vasquez has also resolved numerous administrative appeals before the IRS Office of Appeals. He has also handled civil tax litigation matters, including serving as first and second chair in proceedings before the United States Tax Court, United States District Court, and the United States Court of Appeals for the Fifth Circuit. Mr. Vasquez has settled a number of cases before the IRS Office of Chief Counsel short of or during trial. He has also provided defense in criminal tax matters and has successfully resolved cases before the IRS Criminal Investigation Division. Mr. Vasquez has also organized and provided business and tax planning advice to corporations, partnerships and limited liability companies. He represents a broad range of clients including individuals, privately held businesses, and large Fortune 500 companies.

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Victor J. Viser
Attorney
Chamberlain, Hrdlicka, White, Williams & Aughtry

Mr. Viser's practice focuses on federal, state, and international tax planning and controversy matters.

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Description

Congress passed the PPP to help small businesses stay afloat and their employees paid while they weather the COVID-19 pandemic. Instead, these businesses have encountered multiple rule changes and conflicting information resulting in significant tax challenges. Tax counsel and advisers must grasp a complete understanding of PPP loans and related tax issues.

Small businesses receiving PPP loans from the SBA agonize through myriad initial challenges. These businesses must now consider the tax issues that come with the loan forgiveness process as provided under the CARES Act.

Section 1106 of the CARES Act provides that loans taken out under the PPP are forgivable without incurring cancellation of debt income if such loans are used for payroll and other qualifying expenses. However, IRS Notice 2020-32 provides that payroll costs and other expenses are not deductible for federal income tax purposes if they are paid with forgiven PPP loan proceeds that are excluded from taxable income under the CARES Act. Taxpayers must weigh the costs and benefits of the PPP loan program compared to other relief under the CARES Act, such as the employee retention tax credits.

Listen as our panel discusses the latest developments and IRS guidance regarding PPP loans, employee retention tax credits, challenges of loan forgiveness, and other related tax issues of PPP loans and expenses.

Outline

  1. CARES Act relief provisions
  2. PPP loan overview and application process
  3. Forgiveness and exclusion from taxable income
  4. Notice 2020-32 and covered expenses
  5. Issues for certain taxpayers
    1. PPP loan vs. employee retention tax credit
    2. Interplay with aggregation rules
    3. Deferral of certain taxes under the CARES Act
  6. Key tax planning options for businesses and best practices for tax counsel

Benefits

The panel will review these and other key issues:

  • What relief does the CARES Act provide businesses impacted by the pandemic?
  • What are the requirements and critical challenges of PPP loans?
  • How can you ensure PPP loan forgiveness and exclusion from taxable income?
  • What are the key issues stemming from IRS Notice 2020-32 regarding covered expenses?
  • What are the essential considerations for businesses in determining whether to apply for PPP loans versus employee retention tax credits?
  • How do the aggregation rules apply?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Ascertain tax relief options for businesses impacted by the pandemic under the CARES Act
  • Recognize the requirements and critical challenges of PPP loans relating to taxable income
  • Ascertain methods to ensure PPP loan forgiveness and exclusion from taxable income
  • Identify principal issues stemming from IRS Notice 2020-32 in regards to covered expenses
  • Understand the tax implications of PPP loans versus employee retention tax credits
  • Recognize the application of the aggregation rules of the Internal Revenue Code

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or professional experience at mid-level within the organization, preparing complex tax forms and schedules. Specific knowledge and understanding of federal taxation of partnerships and corporations, international taxation, earnings and profits.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).