CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

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

4.7 (1905)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Wednesday, February 17, 2021 | 10:00 AM EDT

  • AFSP
  • CFP
  • CPA
  • EA
  • Tax Preparer
  • SHRM
  • CTEC

3 Credits

$30

Subject Area

Taxes

Webinar Qualifies For

3 CPE credit of Taxes for all CPAs

3 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00401-21-O)

3 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0402)

3 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

3 PDC credit for SHRM Certified Professionals (Approval No. 21-FZTR7)

3 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00401-21-O)

3 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00401-21-O)

3 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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?

  • 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

Testimonial

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(
    [no_of_record] => 1905
    [average] => 4.6598
)
 

4.7

(1905)
70%
27%
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.

DK

The webinar really helped me understand the complexities of the PPP loan forgiveness application process. I am really glad to have attended.