This program will cover a critical topic that every practitioner must know about immediately: new IRS rules, applicable to tax year 2020, relating to PPP borrowers who are also eligible for the Employee Retention Tax Credit (ERTC). These new rules are contained in IRS Notice 2021-20, which is over 100 pages in length and addresses many of the questions tax practitioners have regarding the interaction between PPP loan forgiveness and the ERTC. This program will cover helpful examples and FAQs that address many situations we simply did not understand until the IRS issued this Notice.
Any tax practitioner advising clients with respect to preparing individual and business income tax returns for 2020, or anyone wishing to be informed on the latest IRS guidance.
- Understand and advise clients now regarding the interaction between PPP loan forgiveness and the Employee Retention Tax Credit, as well as other critical developments included in IRS Notice 2021-20
- How to claim the ERTC
- Options for taxpayers eligible for the ERTC who did not claim it for 2020
- Eligible employers
- The ERTC and its interaction with PPP loans
- The maximum amount of an employer’s ERTC
- Meaning of full and partial suspension of business
- The deemed election for qualified wages
- Aggregation rules
- Significant declines in gross receipts
Basic knowledge of income taxes