Over the past 18 months federal and state governments have made an unprecedented amount of aid available to businesses in the form of PPP loans, EIDL loans, grants, and similar state programs. While some of this aid does not have to be repaid, much of it does. Further, for those amounts that do not need to be repaid there can be substantial tax consequences related to the need to recognize income or debt cancellation. For those businesses that have survived the pandemic, what happens now given many small businesses continue to struggle, but now have added debt and tax burdens. This program will consider the various options businesses and their owners have to address the looming fall out when the COVID-19 relief bill comes due, as well as the related tax consequences.
In this special workshop, you will learn:
Where these programs stand as far as status and repayment
IRS enforcement around fraud issues on behalf of taxpayers who applied to these programs
The implications for taxpayers who find themselves unable to repay the loans
The tax consequences for forgiveness and the failure to repay
About the Instructors:
Attorney Jeff Sklarz is a practicing tax and bankruptcy attorney, author, speaker, and coach. His role at Tax Rep Network is speaker, instructor, and coach to members.
Jeff is a partner and founder of law firm Green & Sklarz LLP, which is based in New Haven, Connecticut, where his focus is on representing businesses and individuals with complex financial litigation needs including: bankruptcy/bankruptcy litigation, creditor/debtor litigation, tax litigation, pension and employee benefit litigation and commercial litigation. He regularly tries cases and appeals before Connecticut’s state and federal courts. Jeff has particular experience regarding the interplay between and among bankruptcy law, tax law and ERISA.
Jeff is a frequent lecturer for the American Bar Association Tax Section, the American Bankruptcy Institute, and many other organizations on taxation and bankruptcy issues, including the discharging of taxes and reorganizations through bankruptcy.
Jeff is a 2005 recipient of the Connecticut Law Tribune’s New Leaders of the Law Award (Overall Achievement, Fairfield County) and has been listed by New England Super Lawyer® as a Super Lawyer (Business Litigation) since 2010 (Rising Star 2010-2013), and was named a Fellow of the American Bar Association, Business Law Section (2011 – 2013). Jeff holds many positions with local and national bar organizations and is a frequent writer and lecturer on topics involving bankruptcy, tax litigation and commercial litigation. Current positions include: Chair of the Government Powers Sub-Committee of the American Bar Association, Business Law Section, Business Bankruptcy Committee and Education Director of the American Bankruptcy Institute, Bankruptcy Tax Committee.
Jeff received his B.A. in government from Colby College, his J.D. from the University of Connecticut, School of Law and his LL.M. (Taxation) from Boston University, Graduate Tax Program.
He is a member of the New Haven Jewish Community Center Board of Directors. In his spare time, Jeff enjoys playing with his kids and swimming, biking and running.
Attorney Eric L. Green is a practicing tax attorney, author, speaker, and coach. He founded Tax Rep LLC which runs the popular tax representation practice-growth training and coaching program Tax Rep Network. Through his role as the primary instructor and coach at Tax Rep Network, he has helped hundreds of accountants start and grow successful tax representation practices.
Eric is a partner and founder of law firm Green & Sklarz LLP, which is based in New Haven, Connecticut, where his focus is taxpayer representation before the IRS, Department of Justice Tax Division and state departments of revenue. Prior to becoming an attorney, Eric served as a senior tax consultant for national and international accounting firms, including KPMG and Deloitte & Touche.
Eric developed a national reputation by building a remarkable record of negotiating favorable settlements in thousands of civil cases against government agencies and has also been able to convince government agents and attorneys to forgo criminal charges and civilly resolve many cases.
Eric is a Fellow of the American College of Tax Counsel, an organization in which membership is an honor reserved for those at the top of their chosen profession. The College’s members, called “Fellows,” are recognized for their extraordinary accomplishments and professional achievements and for their dedication to improving the practice of tax law. Fellows must be nominated by their peers for this honor.
Eric is a frequent lecturer at American Bar Association Tax Section conferences, accounting conferences, and state Enrolled Agent conferences. He served as adjunct faculty at the University of Connecticut School of Law where he taught law students to handle taxpayer representation matters in the low income taxpayer clinic. He is often quoted in the Wall Street Journal, USA Today, CreditCard.com and Consumer Reports Financial News.
Eric is the author of the Accountant’s Guide to IRS Collection, the Accountant’s Guide to Resolving Tax Debts, a contributing author on Advocating for Low Income Taxpayers: A Clinical Studies Casebook and was interviewed for the book Stop Hiding from the IRS: The Insider’s Guide to Solving Your Tax Debts Once and For All.
Attorney Green received his Bachelor of Business Administration degree in Accounting with a minor in International Business from Hofstra University and is an honors graduate from New England School of Law. He earned a Masters of Laws in Taxation from Boston University School of Law.