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PPP BORROWER TAX PLANNING---AVOIDING DISASTER AT THE INTERSECTION OF HWY 265 AND THE PPP EXPRESSWAY AFTER REVENUE RULING 2020-27 AND REVENUE PROCEDURE 2020-51 WHETHER AND WHEN TO DEDUCT, AND HOW TO HANDLE ASSOCIATED ISSUES



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The IRS's latest publication of Revenue Ruling 2020-37 and Revenue Procedure 2020-51 puts millions of taxpayers in a situation of uncertain and worry as to whether and when they may be able to deduct key business expenses, how to allocate the loss of deductibility as between types of expenses and tax repercussions under Section 199A and other provisions, and what strategies  may be used to avoid or defer taxation and help to maintain the solvency of borrower entities.  
 
Please join Jerry Hesch, Brandon Ketron and Alan Gassman for this 90 minute presentation to cover what choices PPP borrowers and their owners have for year end  2020 and 2021 tax planning in view of Revenue Ruling 2020-27 and Revenue Procedure 2020-51 which were issued on November 18 by the IRS, and provide for very limited circumstances where deductions can be taken in 2020 for forgivable expenses. 
 
Topics to be discussed will include:
 
1. How IRC Section 265 and the Tax Benefit Rule work with reference to PPP borrowers and affiliates.
 
2.  Is the IRS correct in its approach, and what other approaches may be correct.
 
3.  The impact if lost deductions on Section 199A planning, interest expense planning, and other
income tax calculations.
 
4.  S corporation planning and shareholder basis rules.
 
5.  The latest PPP announcements that directly impact borrowers and the conduct thereof. 
 
6.  A year end planning checklist.
 
7. Estate and gift tax planning considerations.
 
8. Helping insolvent PPP borrowers and their owners. 
 
And more
 

 



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