Federal Tax Update: Expenses Used for PPP Forgiveness and S Corporations

https://vimeo.com/663800541

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/9/2022-01-10-expenses-used-for-ppp-forgiveness-and-s-corporations

 

This week we look at:

• IRS publishes detail on changes for amended returns and research credits
• Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unemployment compensation
• Expenses used for PPP loan forgiveness do not reduce AAA for S corporations per IRS instructions
• Information letter addresses when industry accountant becomes a paid preparer

• An audio only version of this week’s update can be downloaded or streamed below