This program will cover two critical topics that every practitioner must know about immediately: the new American Rescue Plan Act of 2021 (ARP) and new IRS rules relating to PPP borrowers who are also eligible for the Employee Retention Tax Credit (ERTC). Signed into law by the President on March 11, the ARP contains many new items, including significant changes that all practitioners need to be aware of right away. The first half of our program will cover the ARP to the extent it addresses tax changes and new tax developments. The second half of our program is an analysis of IRS Notice 2021-20, which covers new IRS rules applicable to tax year 2020, relating to taxpayers who have PPP loans and who also are eligible to claim the ERTC. Notice 2021-20 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. The program will cover helpful examples and FAQs that address many situations we simply did not understand until the IRS issued this Notice.
Take this course prior to 5/17/21, as anyone preparing income tax returns for 2020 would immensely benefit from this program.