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PPP: Are Expenses Funded by Forgiven PPP Loans Deductible or Not? If So, When?

PPP: ARE EXPENSES FUNDED BY FORGIVEN PPP LOANS DEDUCTIBLE OR NOT? IF SO, WHEN?

Cost $30.00
CPE Credits 1.5 hours
Subject Area 1.5 - Finance
CE Credits 0.0 hours
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

The IRS has recently rambunctiously launched Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to dissuade taxpayers from deducting expenses funded by a forgiven PPP loan. But, is the IRS correct?
 
These burning questions remain:


  • Is the IRS’s newly fortified approach (denying PPP funded deductions) correct?

  • What are the odds of success of a taxpayer challenge?

  • What is the exact legal analysis of authorities weighing for and against?

  • Can we split the difference with the IRS?

  • How do you launch a challenge?

  • Can we penalty-proof a challenge to the IRS’s position?

  • What are the potential consequences of challenging?

  • How do you tax plan for 2020? NOL deductions? Estimated tax payments?


In this all-new, up-to-the-minute, practical, 90-minute session, you’ll learn enough to develop your own gut feel for how to proceed technically and talk with clients about it.
 
Congress has shown few prospects of clearing this issue up. Don’t be a deer in the headlights on this one.

Learning Objectives:


  • Identify the new IRS approach to PPP forgiveness

  • Determine the odds of a successful taxpayer challenge

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Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey, and Canada. He has authored texts of 35 CPE courses. Mr. Burnett’s seminar-style delivers the subject matter in a briskly paced, enthusiastic, and witty fashion. His forte is the candid communication of practical ideas relating to tax law.

Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
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CPAacademy.org (Sponsor Id#: 111889) 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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About Our Presenter

Bradlyburnett logo2
Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.