Self-Employed Taxpayers: CARES Act and FFCRA Relief

Calculating PPP Loan Forgiveness, NOL Carrybacks, Family Leave Credits

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, June 30, 2020

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will cover recent relief provided under the CARES Act and Families First Coronavirus Response Act (FFCRA) and its application to taxpayers filing Form Schedule C, Profit or Loss from Business. This program is for tax professionals advising and preparing returns for self-employed taxpayers, including SMLLCs, owner-employees, gig-workers, and independent contractors.

Description

Tax considerations for self-employed taxpayers have always been unique. Interpreting and applying the recent relief for sole proprietors and similar businesses has proved challenging. Many of these taxpayers received loans under the Paycheck Protection Program. By nature, the qualifications for loan forgiveness for Schedule C taxpayers are different than those for other entities. Tax advisers need to understand how sole proprietors can meet the guidelines for loan forgiveness.

The FFCRA requires payment of sick leave for businesses with 500 or fewer employees who have employees forced to self-quarantine or caring for a family member. Self-employed taxpayers meeting the criteria could qualify for a credit of up to $511 a day for 50 days. Understanding who qualifies and how this credit is calculated can provide substantial tax savings for these small businesses.

In addition to the relief specific to Schedule C filers, other benefits include changes to retirement plan withdrawals, net operating losses, and the deferral of payment of 50% of social security tax which can also provide significant savings for these taxpayers.

Listen as our panel of experts explains the benefits available in recent relief and its application to self-employed taxpayers.

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Outline

  1. PPP loan forgiveness
  2. Family Leave Credit
  3. Payroll tax deferrals
  4. Postponement of critical deadlines
  5. Net operating losses
  6. Other benefits

Benefits

The panel will cover these and other key issues:

  • Who qualifies for PPP loans and how to best support loan forgiveness
  • Who qualifies for the $200 and $511 daily family leave credits?
  • When should a taxpayer elect to forego a net operating loss carryback?
  • How is the 50% social security tax deferral repaid?

Faculty

Freeman, Jason
Jason B. Freeman

Founder and Managing Member
Freeman Law

Mr. Freeman is a dual-credentialed attorney-CPA, author, law professor, and trial attorney. He represents clients in...  |  Read More

Killion, David
David L. Killion, CPA, CEPA®

Principal
Brown Smith Wallace

Mr. Killion practices in the firm’s Transaction Advisory and Litigation Support Services Group. He has more than...  |  Read More

Stravin, Michael
Michael C. Stravin, CPA, MST

Principal
Wolf & Company

Mr. Stravin serves as an engagement officer in the firm’s Commercial Tax Group where he is responsible for...  |  Read More

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