PPP UPDATES WITH LATEST GUIDANCE FROM SBA, IRS & FORM 3508, FORM 3508-EZ, 3508-S

4.6 (929)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Tuesday, December 22, 2020 | 12:00 PM EST

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • SHRM
  • AFSP

Credits: 2 CPE | 2 CE

FREE

Subject Area

Taxes

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Additional Dates

Jan 20, 2021 | 03:00 PM EST Register
Jan 29, 2021 | 09:30 AM EST Register

Course Description

The Treasury Department and the IRS have just released additional 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 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 webinar will cover the 3 forms available for applying for loan forgiveness: Form 3508, Form 3508-EZ and Form 3508-S. We will include case studies.

Key Topics for the webinar :

  • Overview of the program
  • Latest Congressional proposals for changes to the program
  • Deep discussion of the tax deduction (or lack thereof) issue 
  • The 3 forgiveness forms
  • When to apply for forgiveness
  • Choosing 8-weeks or 24-weeks
  • Limits on forgiveness on pay to owners
  • Limits on forgiveness for pay to non-owners
  • What counts as non-payroll costs
  • How 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

Learning Objectives

  • Identify the 3 forms available for forgiveness
  • Understand Congressional proposals that could change the PPP program
  • Understand forgiveness calculations

Who Should Attend?

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

Testimonial

4.6

(929)
67%
29%
3%
0%
0%

KO

the lecture and visual presentation was very effective and efficiently delivered, I got a call 2hours after the seminar about asset transfer with an SBA PPP outstanding loan from a client, wow! is all I could say, because the seminar gave me the necessary answers for that call, it was a true testing moment Thank you Jason!

JPG

This is the third course I have attended on this subject taught by Jason Dinesen. Each class is better than the previous class and keeps me up to date on the very fluid PPP Loan situation. The time spent is well invested in my opinion. Hopefully he will continue to keep us abreast of this law.

MY

Thank you for the in-depth and timely information. I am getting ready to file my employer's forgiveness application and and this will be fresh in my mind. Also, I will pass on the information to our business owners, who continuously advise their clients on PPP loan matters!

HG

When I don't realize how long it is taking for the presentation ... that is a very good webinar. It did not seem like we had been on there very long when he started trying to rush through to get it all in. It is hard to hold my interest because of the knowledge I already have, but both of them did a great job of holding my interest. Thumbs up to both.

SE

I thought the speakers did an excellent job. Its rare that presentors take the time to answer so many attendee questions as they did. I would recommend this seminar to anyone looking to get a detailed synopsis of all of the ins/outs of the PPP.

LR

Gave clarity on the PPP loan which was very helpful.