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Comprehensive Guide to PPP - Tax Implications, Forgiveness, Forms & Planning

  • Accountant
  • AFSP
  • CRTP
  • CFP (US)
  • CPA (US)
  • EA
  • ORTP
  • SHRM
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The Treasury Department and the IRS have just released additional latest guidance on the tax treatment of forgiveness of Paycheck Protection Program (PPP) loans authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act says PPP loans may be forgiven without any tax consequences. The new updated ruling and accompanying revenue procedure (Rev. Rul. 2020-27; Rev. Proc. 2020-51) follow up on previous guidance stating that PPP loan expenses could not be deducted.

The Paycheck Protection Program (PPP) is a loan/grant program designed to assist small businesses impacted by COVID-19. Established by the US Small Business Administration, this unique program allows loans to be forgiven, provided the funds are used in a requisite manner. This latest update webinar will cover the 3 forms available for applying for loan forgiveness: Form 3508, Form 3508-EZ and Form 3508-S. This online CPE webinar will include case studies.

Key Topics included in the PPP loan forgiveness updates CPE webinar :

  • Overview of the program
  • Updates to Congressional proposals for changes to the program
  • Deep discussion of the latest tax deduction (or lack thereof) issue 
  • The 3 forgiveness forms
  • When to apply for forgiveness
  • Choosing 8-weeks or 24-weeks
  • Updated limits on forgiveness on pay to owners
  • Latest limits on forgiveness for pay to non-owners
  • What counts as non-payroll costs
  • How updates of forgiveness limits work for each entity type: sole proprietor, partnership, S-corporation and C-corporation
  • What is the FTE limitation?
  • What is the wage-reduction limitation?
  • Case studies and filled-out forms

Recommended for:

This online CPE/ CE Update webinar is suitable for CPAs, EAs, AFSP participants, Tax Professionals and any professional or staff member involved in preparation, filing or review of business tax returns.

Learning Objectives

  • To identify the 3 forms available for forgiveness
  • To explore the Congressional proposals that could change the PPP program
  • To explore the forgiveness calculations

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 3 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 3 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0402)
  • 3 CE Credit of Tax Planning for Certified Financial Planner (US) (Approval No. 289994)
  • 3 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 3 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00401-21-O)
  • 3 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 21-FZTR7)
  • 3 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00401-21-O)
  • 3 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00401-21-O)
  • 3 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 3 CE Credit for Certified Wealth Strategist (CWS)
  • 3 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    3
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) 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, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jason Dinesen, EA, LPA

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.

Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.

He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.

Moreover, Jason is known to be producing every other webinar/course a little different and updated from the previous one. No wonder, he is a top ranked presenter whose webinars and self-study course materials are very well received by the audience. 

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics. 

Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. To reinvent this aptitude, he has recently started his own series of podcasts on myCPE ‘The Jason Show’, an edutainment podcast series that also provides continuing credits to the listeners.

Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 5 cats and 3 dogs. Jason holds season tickets to University of Iowa football, and enjoys using his chainsaw. Topmost item in his 2022 bucket list is to learn how to properly ‘nose & taste’ whisky. 

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.7

1940 Ratings

Excellent

1353

Very Good

520

Average

60

Poor

2

Terrible

5

VG

Virginia Gilbert, CPA (US)

Dec 7th, 2020

Pros: Wide selection of 1 to 2 hour seminars. The ability to see the material before you register. I don't know how many times I have registered for a webinar and regretted it once I saw the course material. Free CPE's allow you to get the feel of MY CPE before buying webinars. Everyone is very pleasant and you can get a real person on the phone. Areas for improvement include: Ability to add CPE to cart for organizational purposes prior to buying. Need to iron out tech. I have registered for a seminar but could not join. One seminar indicated I did not attend. So far all but one issue has been resolved. Ability to watch all prior 1 to 2 CPE free seminar on demand for CPE for a fee.

PL

Pam Lim, EA

Feb 5th, 2021

Jason Dinesen is one of the most dynamic speakers. He is intelligent and also very funny in a subtle and smart way. Really enjoy all his webinars. To be honest, it is hard to concentrate on webinars when we have all the freedom to do other things. But while attending webinars from Jason, I was able to concentrate and listen to him well because he makes it interesting and always to the point. Wish there are more of him out there teaching.

DF

David Fogel, CPA (US), EA

Jan 15th, 2021

Jason Dinesen does a lot of work to make sure that his webinars are clear and concise, and this one was no different. As evidence that he is a popular speaker, one attendee from Guam viewed the webinar that started at midnight, and several people from the west coast attended when the webinar started at 6:00 am. In addition, the slides were very helpful and I will use them as reference material in the future.

MD

Margot Dorn

Jan 7th, 2021

I am a self-employed tax preparer and accountant for an S Corp. The seminar was very informative and gave me information that I had not been able to get elsewhere. The instructor was very thorough and I appreciate his knowledge, even up to yesterday, of the total situation. Thank you for making this webinar available. It is much appreciated.

RC

Russell Crevoiserat

Mar 4th, 2021

Excellent. I did use two computers which was probably why Jason kept seeing one person not doing the poll questions. I needed the big screen on my PC to better view everything, but the poll questions were not showing up on the PC. I did do the poll questions on the smaller laptop. That was the only drawback and certainly not on my CPE or Jason.

Comprehensive Guide to PPP - Tax Implications, Forgiveness, Forms & Planning

PREMIUM

3 Credits

Subject Area

Taxes

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