PPP : Are Expenses Funded by Forgiven PPP Loans Deductible OR NOT? If SO, When?

4.6 (363)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Wednesday, December 23, 2020 | 10:00 AM EST

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 1 CPE | 1 CE

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

1 CE credit of Federal Tax Update for Oregon Tax Preparers

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

The IRS doubled-down on non-deductibility of expenses paid with forgiven PPP proceeds in two pieces of guidance released on November 19th. Revenue Ruling 2020-27 and Revenue Procedure 2020-51. This guidance clarifies the IRS's position of no tax deductions for businesses if expenses are paid with forgiven PPP proceeds, and that reduction in deductions needs to happen on 2020 returns if forgiveness is "reasonably foreseen." This webinar will discuss this guidance in-depth and discuss the remaining questions that were unanswered in this guidance.

Learning Objectives

  • Learn the IRS's perspective on deductions
  • Learn about the IRS's case references and other citations

Who Should Attend?

  • Tax Attorney
  • Tax Practitioners
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Senior Accountant
  • Tax Managers
  • Accounting Managers
  • Tax Preparer
  • Staff of Accounting Firm
  • Certified Public Accountant
  • Maryland Tax Preparers
  • Tax Professionals
  • Oregon Tax Preparers
  • Bookkeepers & Accountants & Tax Preparers

Testimonial

4.6

(363)
69%
25%
5%
0%
0%

SS

By far, the best webinar I have seen all year! The content was mission critical in the face of the PPP situation. The presenter was exceptional. His knowledge was so apparent and his delivery was perfect.

GV

The subject matter was very important for tax professionals and the instructor, Jason Dinesen, was very knowledgeable about the subject matter. He made a very informative presentation. Well presented, and the speaker shared thoughts that I resonate within dealing with the taxation of the PPP expenses

AG

You PPP Loan Forgiveness seminar covered a massive amount of information in just an hour and a half. But you left us with a beautiful 100 + page reference document that we will likely refer to often. Thanks for being so timely and ahead of the curve!

AG

ANYONE WHO HAS HAD ANY EXPERIENCE WITH THE SBA LOAN APPLICATION AND FORGIVENESS APPLICATION PROCESS IS FAMILIAR WITH HOW "VAGUE" THE GUIDELINES ARE. I FEEL THAT THE WEBINAR ANSWERED SOME OF THE QUESTIONS, AND GAVE MUCH NEEDED GUIDANCE

SH

This was really great Jason. I appreciate and could tell how much research you have put into such an up-to-date presentation. Talk about moving target! This was the best PPP webinar I have attended. I have contacted other practitioner's to attend.

GD

IT was good to get the opinion of so many other practitioners. The information was timely and addressed many of the concerns we are facing. The presenter was very knowledgeable and stayed on point. Job well done. The cost of the seminar was very reasonable.