Training and Assistance for COVID impacted RI businesses

Click Here for More Information

Event Detail

NOTICE 2020-32 & FORM 8275 DISCLOSURE STATEMENT FOR PPP LOAN FORGIVENESS

Description:

This is a 2-hour live video conference (2 CPE credits) led by Lucien P. Gauthier, Esq., LL.M., CPA who has been a practicing tax attorney for over 50 years.

 

Topics include a discussion of Notice 2020-32 and Form 8275 as it is used to avoid penalties under Section 6662 (the 20% Taxpayer Accuracy-Related Penalty), Section 6694 (the $1,000/5,000) Preparer Penalty, and Circular 230 as enforced by the Office of Professional Responsibility.

The discussion of Form 8275 will include a discussion of its implementing instructions as well as its potential application to expenses for payroll costs and nonpayroll costs in a tax year preceding the tax year of PPP loan forgiveness.

The discussion will include the drafting of a possible Detailed Explanation for Part II of Form 8275 for the tax year in which the aforementioned costs are paid or incurred but the PPP loan is not yet forgiven.

This LVC is intended to be interactive with participants taking an active role in the drafting of the Detailed Explanation for Part II of Form 8275.

Back to Events