The IRS has recently rambunctiously launched Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to dissuade taxpayers from deducting expenses funded by a forgiven PPP loan. But, is the IRS correct?
 
These burning questions remain:

• Is the IRS’s newly fortified approach (denying PPP funded deductions) correct?


• What are the odds of success of a taxpayer challenge?


• What is the exact legal analysis of authorities weighing for and against?


• Can we split the difference with the IRS?


• How do you launch a challenge?


• Can we penalty-proof a challenge to the IRS’s position?


• What are the potential consequences of challenging?


• How do you tax plan for 2020? NOL deductions? Estimated tax payments?

In this all-new, up-to-the-minute, practical, 90-minute session, you’ll learn enough to develop your own gut feel for how to proceed technically and talk with clients about it.
 
Congress has shown few prospects of clearing this issue up. Don’t be a deer in the headlights on this one.

Learning Objectives:

• Identify the new IRS approach to PPP forgiveness


• Determine the odds of a successful taxpayer challenge