Partnership Benefits in the CARES Act: Amending for QIP, Applying 163(j) Relief, Calculating Loan Forgiveness
Implementing Revenue Procedures 2020-22 and 2020-23
Recording of a 110-minute CPE webinar with Q&A
This course will discuss maximizing the benefits of the CARES Act and other recent relief for partnerships and their underlying partners. Our panel of experts will review handling the QIP life correction, the increase in the 163(j) limitation, calculating loan forgiveness, and other matters. They will outline approaches to resolving issues practitioners encounter when applying for this relief.
- QIP challenges
- Limitation increase
- Revoking the election
- NOL carrybacks
- Revenue Procedure 2020-23
- Calculating PPP loan forgiveness
- Other partner and partnership issues
The panel will review these and other critical issues:
- How is PPP loan forgiveness calculated for a partnership?
- When should returns be amended for the change in QIP life?
- Amending prior year returns under Revenue Procedures 2020-23
- How do you revoke a prior RPTB election under 163(j)?
Brian T. Lovett, CPA, JD
Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses,... | Read More
Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses, including all aspects of tax compliance for partnerships and corporations. He advises clients with regard to the structure and tax consequences of new business ventures, and assists with restructuring existing businesses for increased tax efficiency. Prior to joining his firm, he was with a “Big 4” accounting firm, working closely with large, multinational real estate investment companies.Close
Sara A. Palovick, CPA
Ms. Palovick specializates in real estate, and focuses most of her time in the areas of partnership and individual... | Read More
Ms. Palovick specializates in real estate, and focuses most of her time in the areas of partnership and individual taxation. She assists in all areas of compliance as well as tax planning and succession planning.Close