Correcting Tax Reporting for COVID-19 Benefits & Loans FLEXCAST

Overview

We’ve all gotten good advice on recording and reporting COVID-19 employer credits, other benefits and PPP loans for tax purposes, and now we’ve uncovered some tax returns which may have been prepared incorrectly or assumptions we made during tax preparation have now turned out to be inaccurate. We’ll review best practices for evaluating which returns should be amended and communicating this advice to the client. What’s the best timing for reporting these changes? What is the tax preparer’s exposure not only for possible incorrect tax reporting but for preparing the amended returns? Are there any alternatives to amending? And more.

Highlights

Tax Reporting Errors. Tax Implications of COVID-19. Schedule C Instructions. Expense Reduction. SBA Loans.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Determine the tax implications and best plans for any 2020 tax matters which may have been reported incorrectly. Identify most 2020 tax errors commonly arising from reporting COVID benefits. Determine which cases of tax errors may be compliance issues and which may offer tax savings opportunities to the client. Learn other COVID benefits your client may be eligible for and get our guidance on applying for and communicating these opportunities with clients. Understand a tax preparer’s obligations and IRS exposure for any 2020 incorrect tax reporting and learn strategies for communicating the information with clients.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.