Correcting S Corp & Partnership Basis for ERC, Prior Year PPP Loans & Other Issues

1 Credits: Taxes


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Correcting S Corp & Partnership Basis for ERC, Prior Year PPP Loans & Other Issues

Course Level
CPE Credits

1 Credits: Taxes

Course Description

We have identified two very common matters affecting S corp shareholder and partner basis related to how business ERC refunds and PPP loans were reported on the entity tax returns. These entity reporting errors affect the individual tax preparer’s Form 1040 clients’ basis. Both of these matters cause a shareholder’s or partner’s basis to be understated, often by substantial amounts. This course will review these critical basis miscalculations and help business tax preparers and individual tax preparers identify clients with these issues and fix these basis errors. Plus an analysis of reporting ERC refunds received for 2023.

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Learning Objectives

Upon completion of this course, participants will be able to:

  • Learn common basis errors related to PPP & ERC COVID benefits and how to fix this issue;
  • Understand which clients are likely to have these basis errors;
  • Review IRS guidance related to these basis errors and steps for resolving current year 2023 basis; and
  • Determine the components of ERC refunds received and how to report them for 2023 tax returns.
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Course Specifics

Course ID
Revision Date
March 18, 2024


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02455-24-O
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-2010
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Jane Ryder, EA, CPA is the owner of Brass Tax Ryder Professional Group, Inc., a full service tax and accounting firm. Brass Tax (not affiliated with Brass Tax Presentations) has been providing tax and accounting services since 1980. Jane received a BS in Business Administration (Accounting) from SDSU and is currently licensed with the California State Board of Accountancy and with the Internal Revenue Service as an Enrolled Agent. Brass Tax is a business centric practice, preparing and consulting on the preparation of Corporations, S-corporations, LLC’s, Partnerships, and Trusts. She also specializes in IRS and state agencies collection problems, payment …