Federal Tax Update: PPP and ERC Clarification For CAA Changes

https://vimeo.com/504085558

https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/24/2021-01-25-ppp-and-erc-clarifications-for-caa-changes

 

This week we look at:

• Penalty relief related to partners’ tax basis capital
• IRS provides limited option for ERC claims on 4th quarter 941
• Revised PPP First Draw Maximum Loan Calculation
• PPP Borrowers Who Received Too Much Have to Pay Excess Back
• Second disbursement for PPP First Draw Loan procedures
• Gross Receipts Calculation for Second Draw Loans
• PPP Revised Forgiveness Forms Released