Tax Practitioner's Guide to the Biden Tax Plan and PPP Loan Forgiveness (PPLF)

Lawrence K. Pon, CPA, Edward A. Renn, Esq., Lance G. Weiss, CPA, CVA, Michael J. Tucker, J.D., CPA
  • 3
  • Intermediate
  • Taxes
On-site : Not available; please select a webinar
Webinar : July 21, July 29
Broadcast Times

Individual course: $91
Best Value: All-Star Tax Season Pass
Volume Discounts: 
Click here for details.

Overview

It is expected that President Biden’s double-barreled tax proposal, The American Jobs Plan and The American Families Plan, will be at the top of Congress’ agenda this summer.  This program will explain and discuss many of the proposed changes in these proposals so that tax practitioners will be aware of the impending impacts on their clients in 2021 and after. In addition, a portion of the course will be devoted to the Small Business Administration’s forgiveness of Paycheck Protection Program  loans, which is still an issue for tax practitioners even as the PPP loan program winds down. 

Major Topics:

  • Increase in the individual and corporate tax rates
  • Elimination of fossil fuel tax preferences
  • Renewable and alternative energy incentives
  • Changes in the taxation of long-term capital gains
  • Transfers of appreciated property by gift or on death as realization events
  • Income allocated to limited partners and S corporation shareholders subject to SECA
  • Various individual tax credits expanded
  • New rules regarding like-kind exchanges
  • Improving tax compliance
  • Latest rules regarding PPP loan forgiveness and the Form 3508 series (Form 3508S, 3508EZ and 3508)
  • Deductibility of PPP-funded expenditures
  • PPP loans and the Earned Income Tax Credit

Learning Objectives

  • Understand the ways clients may apply for PPP loan forgiveness
  • Be familiar with Biden tax changes proposed for 2021 and after that impact client tax planning and tax compliance

Any tax practitioner advising clients with respect to PPP loan forgiveness and/or individual and business tax changes for 2021 and after

Basic knowledge of individual income tax rules

None

Yes

Yes

Varies by state. Check back soon for details