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It does not work that way. When you exclude the 10,000 it reduces taxable income by 10,000. If you also disallow expenses by 10,000, taxable income is increased by 10,000. So it becomes a wash, taxable income = book income. That was the law prior to CAA 21.

Something to watch for in an S-Corp is increase in OAA, which might limit amount of distribution treated as tax-free return of basis in stock.

Actually it is not double dipping. Consider this example: Client had Sales of 90,000 and expenses of 60,000. Received PPP OF 10,000 with forgiveness applied to 10,000 of expenses. His book income would be 100,000 less 60,000 = 40,000. Prior to CAA 21, his taxable income would exclude the 10,000 of PPP and reduce deductible expenses by 10,000. Therefore net taxable income would be 90,000 less 50,000 = 40,000. The net effect of the CARES was to include PPP in taxable income by reducing expenses. In that situation taxable income = book income. Now under CAA 21, taxable income is 90,000 less full deductions of 60,000 = 30,000. This results in taxable income that is 10,000 less than book income. There is no double dipping; 10,000 received and excluded. Hope this helps, this is how I explained it to a client.

It will be on-demand about Monday-ish, per the speakers. Not sure where, but you could start with www.taxpracticepro.com. They also recommend a Facebook group: Covid-19 Best Practice for Tax Pros/Tax Offices. Both speakers will post any updates there. Kathy Morgan for the first two hours was fabulous; I'd known of her but not heard her teach before. John Sheeley is an instructor that I return to, but he got the dryer payroll topics for the last hour today. If you're looking for written material, Tony Nitti writes a lot for Forbes, for example the following was cited in today's class: https://www.forbes.com/sites/anthonynitti/2020/12/25/breaking-down-the-employee-retention-credit-part-1/?sh=45acfb17f3d3 but just go to Forbes.com and search for Tony Nitti. I've been told that CCHCPELink is getting a lot of self-study up re the new CAA, and maybe webinars too, but I haven't looked at their class schedule this month.