Tax Implications of Paycheck Protection Program and Related Expenses: Deductibility, Cancellation of Debt
PPP Forgiveness and Exclusion from Taxable Income, Notice 2020-32 Disallowance of Deductions, Benefit to Taxpayers
Recording of a 90-minute premium CLE/CPE webinar with Q&A
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.
Outline
- CARES Act relief provisions
- PPP loan overview and application process
- Forgiveness and exclusion from taxable income
- Notice 2020-32 and covered expenses
- Issues for certain taxpayers
- PPP loan vs. employee retention tax credit
- Interplay with aggregation rules
- Deferral of certain taxes under the CARES Act
- 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?
Faculty
Jaime Vasquez
Shareholder
Chamberlain Hrdlicka White Williams & Aughtry
Mr. Vasquez concentrates his practice on federal, state, and international transactional and tax controversy matters,... | Read More
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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Juan F. Vasquez, Jr.
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,... | Read More
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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Victor J. Viser
Attorney
Chamberlain Hrdlicka White Williams & Aughtry
Mr. Viser's practice focuses on federal, state, and international tax planning and controversy matters.
| Read MoreMr. Viser's practice focuses on federal, state, and international tax planning and controversy matters.
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