Correcting S Corp & Partnership Basis for ERC, Prior Year PPP Loans & Other Issues FLEXCAST

Overview

We have identified two very common matters affecting S corp shareholder and partner basis related to how business ERC refunds and PPP loans were reported on the entity tax returns. These entity reporting errors affect the individual tax preparer’s Form 1040 clients’ basis. Both of these matters cause a shareholder’s or partner’s basis to be understated, often by substantial amounts. This course will review these critical basis miscalculations and help business tax preparers and individual tax preparers identify clients with these issues and fix these basis errors. Plus, an analysis of reporting ERC refunds received for 2023.

Highlights

Correcting S Corp and partnership basis for ERC.

Prerequisites

None.

Designed For

CPAs.

Objectives

Learn common basis errors related to PPP and ERC COVID benefits and how to fix this issue. Understand which clients are likely to have these basis errors. Review IRS guidance related to these basis errors and steps for resolving current year 2023 basis. Determine the components of ERC refunds received and how to report them for 2023 tax returns.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.