What’s new concerning relief for businesses? Tons. The game has changed a whole lot and in a big hurry in the past few weeks. Whole new worlds have opened up when preparing (or amending) 2020, 2021, and 2022 income tax returns reporting PPP forgiveness and spending. For part of the employee retention credit (ERC), both Congress and IRS have slammed the door on our fingers (or at least attempted to). 

Both new opportunities and stumbling blocks abound. How do we respond?
 
Learning Objectives:

• Summarize how the IRS blows open a PPP timing grab


• Outline how Rev. Procs. 2021-48, -49 and -50 open amended return floodgates


• Define NOL carrybacks for cash


• Determine the best time to file for PPP Draw 2 forgiveness


• Summarize how Congress rips away part of ERC but leaves more on the table than you think


• Recognize the status of ERC eligibility for Corp shareholder’s wages 


• Give examples of IRS launches ERC audit program


• List all planning and reporting choices