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Course Description

In a rare display of bipartisanship, on June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) in an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief. What are the changes? How are they going to Impact small business and their filings,  we would be covering the details of each and every update in this classes and not just news articles but a finer understanding of the changes & relaxation brought by this bill in the area. Some of the aspects PPPFA that would be covered in  the courses would be

  • Changes in the Spending limits around payroll.
  • Extension in time period to use funds.
  • Extension on deadlines to rehire workers/staff and it's requirements.
  • Extension in repayment terms.
  • Treasury guidelines issued for SBA for loan audits.

Also in the last several weeks, the SBA issued both instructions and forgiveness regulations along with regulations addressing the PPP audit process. In this class will shall also show the attendees how to complete the form on a line-by-line basis. In a series of instructions only a math major could love, the SBA issued the new “PPP Forgiveness” form and related regulations which involves a myriad of computations and accounting precepts destined to challenge all of us. The “Incurred and paid” statutory guidance being the most perplexing. Largely, because the “incurred and paid” hybrid method of accounting will be nearly impossible to implement. 

While the new SBA instructions offer pragmatic guidance not addressed by the CARES Act, the new rules involve tax and computational items that are that will pose traps for the unwary. The FTE rehiring and reestablishing of wages by June 30, 2020, will also allow borrowers to “cure” the impact of two of the three forgiveness tests. Finally, we will address the newly issued SBA audit and appeal regulations along with the PPP provisions in Congress.

Specifically, this course will focus on:

  • How to complete the SBA forgiveness form
  • Last-minute ideas to maximize forgiveness
  • Building a file in-case of an SBA audit
  • Tricky issues, such as related party rent and contributions to profit-sharing plans
  • How to complete the new SBA forms
  • Understanding the new SBA "PPP Forgiveness" regulations and instructions
  • Impact of the new Rules under the cash and accrual basis of accounting including the Alternative Payroll Covered Period
  • What does “incurred and paid” mean versus “incurred or paid”
  • Forgiveness for rent, payroll and interest expense including related party rent
  • How to account for pension and profit-sharing plans
  • How to determine the amount of the PPP Loan available for forgiveness
  • What are “covered expenses"?
  • How does the "full-time equivalent" ("FTE") test work?
  • Computing the "salary reduction" test
  • Re-hiring employees to avoid the "salary reduction" test
  • Understanding the SBA's "75% payroll" test and the proposed 60% payroll test in the House bill
  • Understanding the PPP aspects of the proposed HEROES bill
  • Understanding the income tax aspects of the proposed HEROES bill
  • Preparing for possible changes from Congress in the bill that passed the House.
This course will cover the latest updates on Paycheck Protection Program loans, including the latest Interim Final Rules released by the Treasury Department on May 22nd relating to loan forgiveness, and as well as a review of the Form 3508 that businesses for applying for loan forgiveness. We will also discuss the latest legislation relating to PPP loans. We will discuss how PPP loans interact with other tax provisions such as the Employee Retention Credit, the tax credits under the Families First Coronavirus Response Act, and the deferral of payments on Social Security tax. We will cover various PPP scenarios, and will leave time for answering your questions. 

Learning objectives

  • Learn the latest legislative updates relating to PPP loans
  • Learn what is in the latest Interim Final Rule from the Treasury Department
  • Learn about the Form 3508 for loan forgiveness
  • Learn how PPP loans interact with other COVID-19-related tax provisions
  • Learn about how tax deductions will work relating to expenses paid with PPP funds

About Presenter

Jason Dinesen, EA, LPA

Advisor, Dinesen Tax & Accounting, P.C.

jason@dinesentax.com

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 CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • 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 are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

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).

Reviews

4.6
(2490)
64%
28%
6%
1%
1%
  • NH
    Nicole Haley , ACCT./BK, EA
    Jun 8th 2020
    The instructor provided a plethora of updated knowledge that will assist me with 2020 tax preparation and questions to ask, for my small business clients. Very glad to have had the opportunity to take this timely course.
CL
Carol Leasure , EA
Very much appreciated the timely insights and clarity on this very confusing and ever changiong topic.
AC
Anthony Cardone , CGMA, CPA, CPA
A Fantastic webinar by Jason, hitting many of the questions that I had regarding the PPE loan forgiveness
HE
Heather Ellis , EA
This webinar by this by Jason Dineson was the best so far of all the PPP webinars that I have taken. Plus he has a pleasant presenting manner. Highly recommend and will look for more of his offerings.
RB
Richard Beldner , EA
Five star rating, site was easy to access and the speakers spoke clearly
CW
Cathy Wilson , CPA
This was the absolute best coverage of this rapidly changing subject I've attended to date. I have been averaging about 1 webinar every two weeks from various vendors since the PPP funding was announced and Jason Dinesen gave the best presentation yet.

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.

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

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP - PARTNERSHIPS & LLCS (FORM 1065)
Tuesday, October 27, 2020 | 10:00 AM EDT View Details/Register
Practical Guide for Understanding Critical Concepts of Trusts and Estates
Tuesday, October 27, 2020 | 10:00 AM EDT View Details/Register
Qualified Business Income (QBI) Deduction (IRC §199A) Detailed Study, Analysis,Calculations,Case Studies, Ins & Outs (Latest)
Tuesday, October 27, 2020 | 08:00 AM PDT View Details/Register
Individual International Tax Issues - Comprehensive Coverage
Tuesday, October 27, 2020 | 08:00 AM PDT View Details/Register
Yellow Book Boot Camp – Introduction to NFP and Governmental Accounting & Auditing
Tuesday, October 27, 2020 | 08:00 AM PDT View Details/Register
Fundamentals of Income Taxation of Trusts & Form 1041 Planning: What Every Advisors Needs to Know
Tuesday, October 27, 2020 | 12:00 PM EDT View Details/Register
Money Talks – Don’t Let it Walk – Prevent & Detect Cash Fraud
Tuesday, October 27, 2020 | 12:30 PM EDT View Details/Register
Advanced 1031 Exchange and Delaware Statutory Trusts: Tax Savings to Wealth Creation
Tuesday, October 27, 2020 | 01:00 PM EDT View Details/Register
Excel Speed Loop: Systematically Improve Efficiency and Accuracy (For Bookkeepers, Accountants, Tax Pros, Auditors, CPAs)
Tuesday, October 27, 2020 | 02:00 PM EDT View Details/Register
TRUMP & BIDEN TAX & PAYROLL PLAN DISCUSSION & COMPARISON WITH YEAR END UPDATES & LIVE Q & A
Tuesday, October 27, 2020 | 02:30 PM EDT View Details/Register
The iClat - generate substantial tax deductions today using future charitable donations
Tuesday, October 27, 2020 | 03:00 PM EDT View Details/Register
CARES ACT: NOL CHANGES (UPDATED LATEST)
Tuesday, October 27, 2020 | 03:00 PM EDT View Details/Register
Itemized Deduction Updates - With Examples & Case Studies
Tuesday, October 27, 2020 | 04:00 PM EDT View Details/Register
Quickbooks for Desktop PC Exploring the Interface - For Beginners
Wednesday, October 28, 2020 | 09:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Wednesday, October 28, 2020 | 10:00 AM EDT View Details/Register
  • Cost FREE
  • CPE Credits 2
  • CE Credits 2
  • CFP Credits 2
  • IRS Course ID GEHNZ-U-00162-20-O
  • CTEC Course ID 6273-CE-0174
  • CFP Course ID 273239
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Accounting Practice Owners Senior Accountant Entrepreneurial Accountant Tax Managers Accounting Managers Tax Preparer
  • Handout Material Download

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP - PARTNERSHIPS & LLCS (FORM 1065)
Tuesday, October 27, 2020 | 10:00 AM EDT View Details/Register
Practical Guide for Understanding Critical Concepts of Trusts and Estates
Tuesday, October 27, 2020 | 10:00 AM EDT View Details/Register
Qualified Business Income (QBI) Deduction (IRC §199A) Detailed Study, Analysis,Calculations,Case Studies, Ins & Outs (Latest)
Tuesday, October 27, 2020 | 08:00 AM PDT View Details/Register
Individual International Tax Issues - Comprehensive Coverage
Tuesday, October 27, 2020 | 08:00 AM PDT View Details/Register
Yellow Book Boot Camp – Introduction to NFP and Governmental Accounting & Auditing
Tuesday, October 27, 2020 | 08:00 AM PDT View Details/Register
Fundamentals of Income Taxation of Trusts & Form 1041 Planning: What Every Advisors Needs to Know
Tuesday, October 27, 2020 | 12:00 PM EDT View Details/Register
Money Talks – Don’t Let it Walk – Prevent & Detect Cash Fraud
Tuesday, October 27, 2020 | 12:30 PM EDT View Details/Register
Advanced 1031 Exchange and Delaware Statutory Trusts: Tax Savings to Wealth Creation
Tuesday, October 27, 2020 | 01:00 PM EDT View Details/Register
Excel Speed Loop: Systematically Improve Efficiency and Accuracy (For Bookkeepers, Accountants, Tax Pros, Auditors, CPAs)
Tuesday, October 27, 2020 | 02:00 PM EDT View Details/Register
TRUMP & BIDEN TAX & PAYROLL PLAN DISCUSSION & COMPARISON WITH YEAR END UPDATES & LIVE Q & A
Tuesday, October 27, 2020 | 02:30 PM EDT View Details/Register
The iClat - generate substantial tax deductions today using future charitable donations
Tuesday, October 27, 2020 | 03:00 PM EDT View Details/Register
CARES ACT: NOL CHANGES (UPDATED LATEST)
Tuesday, October 27, 2020 | 03:00 PM EDT View Details/Register
Itemized Deduction Updates - With Examples & Case Studies
Tuesday, October 27, 2020 | 04:00 PM EDT View Details/Register
Quickbooks for Desktop PC Exploring the Interface - For Beginners
Wednesday, October 28, 2020 | 09:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Wednesday, October 28, 2020 | 10:00 AM EDT View Details/Register