PPP Loan Forgiveness: 2021/2022 Consequences of 2020 Decisions (from Annual Virginia Conference on Federal Taxation 2021) (On Demand Seminar)

A pre-recorded streaming VIDEO replay of one session from the June 2021 webcast seminar, 72nd Annual Virginia Conference on Federal Taxation.

This presentation discusses federal income tax implications of Paycheck Protection Program (PPP) loan forgiveness, with particular consideration given to the type of entity obtaining PPP loan forgiveness and the nuances in tax treatment that follow. In so doing, the presentation navigates through the PPP enacting language of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the IRS’s confounding position, and Congress’ response thereto in the Consolidated Appropriations Act (CAA). Included is a brief discussion of the requisite steps for a borrower to have their PPP loan forgiven and risk of Small Business Administration (SBA) audits.

FACULTY

Todd G. Betor, Winston & Strawn LLP / Washington, DC
Olga A. Loy, Winston & Strawn LLP / Chicago, IL

PLANNING COMMITTEE

L. Michael Gracik, Jr., Co-Director
Keiter/ Glen Allen

D. French Slaughter, III, Co-Director
Charlottesville

David M. Chase, Jr.
Wall, Einhorn & Chernitzer, PC / Norfolk

Michael Doran
University of Virginia School of Law / Charlottesville

Cecelia P. Horner
Hunton Andrews Kurth LLP / Richmond

Lawrence J. Martin
Hantzmon Wiebel LLP / Charlottesville

Professor Susan L. Porter
University of Virginia McIntire School of Commerce / Charlottesville

Thomas P. Rohman
McGuireWoods LLP / Richmond

Jeri K. Seidman
University of Virginia McIntire School of Commerce / Charlottesville

Bruce C. Stockburger
Gentry Locke / Roanoke

Professor Ethan Yale
University of Virginia School of Law / Charlottesville

TRUSTEES EMERITUS

George C. Howell, III
Hunton Andrews Kurth / Richmond

Thomas R. White
University of Virginia School of Law / Charlottesville

George K. Yin
University of Virginia School of Law / Charlottesville