Dec 14, 2021
The IRS recently released long-awaited guidance related to PPP
forgiveness with three revenue procedures — Rev.
Procs. 2021-48, 2021-49 and 2021-50.
Earlier in the year, the AICPA submitted a
letter to the IRS requesting guidance for a range of issues
which are addressed in the revenue procedures. These include:
- The timing for tax purposes of when PPP loan forgiveness is
received or accrued
- How partners and partnerships may allocate PPP forgiveness as
exempt income and allocate deductions resulting from expenditures
attributable to the use of forgiven PPP loan proceeds
- How eligible partnerships subject to audit procedures under the
Bipartisan Budget Act of 2015, P.L. 114-74, (BBA partnerships) may
file amended returns.
Consequently, amended returns remain an area of confusion for
many professionals. On today’s Tax Section Odyssey episode, Jan
Lewis, CPA, Tax Partner — Haddox Reid Eubank Betts PLLC, discusses
some nuanced issues with amended returns, and when they can be used
and when they should be used.
What you’ll learn in this episode
- Jan’s overall perspective on the newly released guidance
- Reflections around when an amended return is needed and how to
broach the subject with a client (5.12)
- Timing issues with the employee retention credit and the Form
941X, Adjusted Employer’s Quarterly Federal Tax Return or Claim
for Refund (10.12)
- Billing considerations with amended returns (13.37)
- Final thoughts from Jan (18.00)
- A page from Jan’s travel journal (18.48)
- AICPA Town Hall
Series— Bi-monthly, high-impact news broadcast series that
delivers the latest news, analysis, insights and practical guidance
to accounting and finance professionals and responds to pressing
issues facing the profession.
Employee retention credit guidance and resources— The ERC is an
important of the COVID-19 relief legislation for small businesses.
This library provides the ins and outs of calculating this
SBA PPP resources for CPAs— Tools and resources on the
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This episode is brought to you by the AICPA’s Tax Section,
your home base to maintain your professional edge. To learn more
about the Tax Section, check out aicpa.org/tax or sign
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