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
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.
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
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.
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College.
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
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.
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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.
Refund/Cancellation Policy
For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).
Testimonial
4.7
(1730)
70%
27%
3%
0%
0%
KO
karla olivo ,
Nov 11th 2020
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
John P Gerharz ,
Nov 11th, 2020
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
MYOUNGKYU YOON ,
Nov 11th, 2020
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
Hiroko Geertsma ,
Nov 10th, 2020
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
Scott Emerson ,
Nov 10th, 2020
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.
