Summer Income Tax Update
This 4 1/2-hour interactive webinar features instructor John Lawrence. Topics to be covered include:
Paycheck Protection Program Loan Issues:
- Loan applications
- Forgiveness issues and the IRS ruling on non-deductibility of forgiven PPP loan expenditures
- How to account for them in preparing a return, etc.
New tax provisions implemented by the CARES Act
- How to account for them such as the new net operating loss rules, the payroll tax credit, etc.
Dealing with the IRS in these difficult times.
- What it means to the practitioner as to “dos and don’ts” regarding the announcement that beginning this summer the IRS will allow the electronic filing of amended returns.
The “Hot IRS Audit Issues – Pitfalls for S Corporations and Partnerships"
- Basis of the entities as to the rules and related rulings
- How to track basis in these entities
- Creation of basis where none had been computed in prior tax years
- Losses in excess of basis and when they are not allowed
- Definition of an excess distribution
- Taxation of excess distributions
- Distribution of appreciated property
- Conversion of C corporations to S corporations - do and don'ts
- Computation of the Built-In Gains Tax
- Inference and imputation of a reasonable wage for purposes of the computation of the qualified business income deduction
Significant other rulings, developments, and cases.
Continuing education credits available:
- Accountancy Board of Ohio (5 hours)
- IRS Office of Professional Responsibility (5 hours)
- Continuing Legal Education, Ohio Supreme Court (4.5 hours)