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PPP & ERC: March 1st Updates From the IRS and More

PPP & ERC: MARCH 1ST UPDATES FROM THE IRS AND MORE

Cost $20.00
Presentation Length 2.0 hours

Recorded DateMarch 16, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

This webinar will cover both the Payroll Protection Program and Employee Retention Credit rules now clarified by IRS's Notice 2021-20. Additional discussion will include the pending stimulus bill and its expected impact on existing borrowers, future opportunities, and preemptive planning ideas. The SBA also released updated guidance on March 3 that changes the method Schedule C taxpayers calculate their loan amounts as well as other changes to "further promote equitable access to relief." 

Learning Objectives: 


  • Determine the interaction of PPP and ERC and how to "elect out" of claiming the ERC so that wages can qualify for PPP loan forgiveness

  • Identify when and to what extent an employer is deemed to have made an "election out" of ERC by reporting qualified wages on a PPP Loan Forgiveness Application

  • Summarize the new ten percent (10%) threshold test for determining when a trade or business is considered to be partially suspended for purposes of claiming the ERC

  • List the factors that should be considered in determining if a business is able to continue comparable business operations by working virtually

  • Recognize the distinctions between large employers and small employers claiming the ERC

  • Recognize what the new guidance says on claiming the wage credit, including a special rule for the fourth quarter of 2020

  • Identify the proposed changes to PPP under the new stimulus bill passed by the House

  • Recall the White House's announcement on PPP changes, including an exclusive 14-day application window for businesses with less than 20 employees, changes to rules for sole proprietors, independent contractors, and self-employed individuals, and other changes

  • Determine how the $1.9 Trillion bill will change the PPP program to allow more categories of not for profit entities to qualify, and what rules will apply thereto

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Gassman crotty den

Alan S. Gassman, J.D., LL.M., is a board-certified estate planning and trust lawyer who practices in Clearwater, Florida. He has an LL.M. in taxation from the University of Florida and practices in trust and estate planning, tax, wealth preservation, and the representation of physicians and medical practices.

Mr. Gassman speaks at many tax conferences, national programs, and webinar platforms, including Bloomberg BNA Tax and Accounting and the Notre Dame Tax and Estate Planning Institute

Gassman crotty den

Brandon Ketron is an associate at the law firm of Gassman, Crotty, and Denicola, P.A. and practices in the areas of Estate Planning, Tax, and Corporate and Business Law. Brandon graduated from the University of Florida in May of 2016, where he received his LLM in Taxation. He received his JD from Stetson University College of Law and graduated cum laude. Brandon received his undergraduate degree from Roanoke College, where he graduated cum laude with a Business Administration degree and concentrations in accounting and finance. Brandon is licensed to practice law in Florida and is a licensed CPA in Florida and Virginia.

About Our Presenter

Gassman crotty den

Our firm was formed in 1987 with one lawyer and a shared secretary and receptionist to provide representation to professionals, business owners and retirees in their estate and related tax and personal planning, business and corporate needs.

Since then we have grown to 6 lawyers and over 20 staff, which we have found over the past two decades to be the best size for us. We are very proud of our team, our systems, and our dedication to providing the best and most appropriate legal services for all clients, whether big or small. Our lawyers meet together almost every morning to discuss and work together on cases, strategies and practice improvement projects in order to work the most efficiently and effectively for our clients. We like what we do and enjoy working together.