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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
Bradley Burnett
Bradley Burnett Tax Seminars, Ltd.
Founder
bradleyburnett10@gmail.com
(720) 936-6003
Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey, and Canada. He has authored texts of 35 CPE courses. Mr. Burnett’s seminar-style delivers the subject matter in a briskly paced, enthusiastic, and witty fashion. His forte is the candid communication of practical ideas relating to tax law.
- To receive CPE credit, you must register for the webinar before it starts.
- CPE is available to all eligible participants within 24 hours of each webinar.
- To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
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