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Event Detail

Q & A on PPP Loan Forgiveness for S/C Corps with Fiscal/Calendar Year-Ends



This is a 2-hour live video conference (2 credits) led by led by Lucien P. Gauthier, Esq., LL.M., CPA

Zoom Live Video Conference: 9/18, 1pm-3pm

In the case of an S/C corporation with a fiscal tax year ending on 5/31/20 or later, is it too early to begin to consider the technical and practical federal income tax implications to an S/C corporation and its shareholders of the following questions:

1. Is the amount of loan forgiveness excluded from gross income pursuant to section 1106(i)?
2. Are the expenses that are paid with forgiven loan proceeds disallowed pursuant to sections 265(a)(1) or 162?
3. Is it preferable to apply for and/or receive loan forgiveness before or just after the end of an S/C corporation’s tax year?
4. Should an S/C corporation’s federal income tax return be filed timely or put on extension?
5. If filed timely after proceeds are forgiven and no expenses are disallowed, should Form 8275 be attached to the return?
6. Do forgiven loan proceeds increase an S corporation’s AAA, OAA, or other accounts?
7. Do forgiven loan proceeds increase the tax basis of the stock of an S shareholder?

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