The Compliance Burden: What Tax Professionals Need to Know in 2022 About the Paycheck Protection Program (PPP), Employee Retention Credit (ERC), and Audit Risk

Juan Vasquez and Victor Viser presentation at the Texas Society of CPAs Tax Expo

Chamberlain Hrdlicka shareholder Juan Vasquez and associate Victor Viser gave a presentation at the Texas Society of CPAs Houston Tax Expo on "The Compliance Burden: What Tax Professionals Need to Know in 2022 About the Paycheck Protection Program (PPP), Employee Retention Credit (ERC), and Audit Risk " on January 10, 2022.

The PPP and ERC, popular COVID-19 relief measures, are at the center of many taxpayers’ responses to the pandemic in 2020 and 2021.  Legislative changes and evolving IRS guidance have made compliance particularly burdensome as fundamental aspects of both measures were altered over the past year.  This presentation discussed what tax practitioners need to know in 2022 about the PPP and ERC.  Substantive focus included the PPP forgiveness and appeals processes, ERC eligibility requirements and related issues such as affiliation rules, the lookback election, and applicable safe harbors.  This presentation also addressed the recognition, treatment, and timing issues unique to each measure.