To amend or not to amend — that is not the only question | Tax Section Odyssey
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To amend or not to amend — that is not the only question | Tax Section Odyssey

11 months ago · 22 min listen

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In this episode
The IRS recently released long-awaited guidance related to PPP forgiveness with three revenue procedures — Rev. Procs. 2021-48, 2021-49 and 2021-50.

Earlier in the year, the AICPA submitted a letter to the IRS requesting guidance for a range of issues which are addressed in the revenue procedures. These include:

  • The timing for tax purposes of when PPP loan forgiveness is received or accrued

  • How partners and partnerships may allocate PPP forgiveness as exempt income and allocate deductions resulting from expenditures attributable to the use of forgiven PPP loan proceeds

  • How eligible partnerships subject to audit procedures under the Bipartisan Budget Act of 2015, P.L. 114-74, (BBA partnerships) may file amended returns.

Consequently, amended returns remain an area of confusion for many professionals. On today’s Tax Section Odyssey episode, Jan Lewis, CPA, Tax Partner — Haddox Reid Eubank Betts PLLC, discusses some nuanced issues with amended returns, and when they can be used and when they should be used.

What you’ll learn in this episode

  • Jan’s overall perspective on the newly released guidance (2.00)

  • Reflections around when an amended return is needed and how to broach the subject with a client (5.12)

  • Timing issues with the employee retention credit and the Form 941X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund (10.12)

  • Billing considerations with amended returns (13.37)

  • Final thoughts from Jan (18.00)

  • A page from Jan’s travel journal (18.48)

AICPA resources

  • AICPA Town Hall Series — Bi-monthly, high-impact news broadcast series that delivers the latest news, analysis, insights and practical guidance to accounting and finance professionals and responds to pressing issues facing the profession.

  • Employee retention credit guidance and resources — The ERC is an important of the COVID-19 relief legislation for small businesses. This library provides the ins and outs of calculating this credit.

  • SBA PPP resources for CPAs — Tools and resources on the ever-evolving PPP

Other resources

Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and more.

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