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

Individual course: $99
Best Value: All-Star Tax Season Pass
Volume Discounts: 
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This program introduces you to many of the important changes President Biden proposes to make in the tax code, some of which may be effective for part or all of 2021.  We will cover proposed changes practitioners need to know about relating to the American Jobs Plan and the American Families Plan.

The program also updates you on the latest developments relating to the Employee Retention Tax Credit (ERTC) and its interaction with Paycheck Protection Plan (PPP) loan forgiveness. We will cover the three ways to qualify for the  ERTC in 2021 and how to coordinate PPP loan forgiveness with wages that may be claimed for the ERTC. We will also cover the ERTC as it relates to recovery startup businesses and severely distressed businesses in the last two quarters of 2021. Finally, this course also discusses the employer credit for paying employee COBRA payments for those employees losing employer provided health insurance.

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




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