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

4.5 (10)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

  • AFSP
  • CFEs
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • SHRM
  • CTEC

Published: March, 2021

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-S)

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 CPE credit for Certified Fraud Examiners (CFEs)

3 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

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

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

3 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Before starting this self study program, please go through the instructional document.

Overview

  • IRS ERC Guidance
    3 mins
  • PPP2: Qualifications
    17 mins
  • Annual Method
    30 mins
  • What are Gross Receipts?
    44 mins
  • Farm Partnerships
    61 mins
  • Tax Deductions
    81 mins
  • Sticky Issues
    102 mins

Course Description

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

Key Topics included in the PPP loan forgiveness updates CPE webinar :

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

Recommended for :

This online CPE/ CE Update webinar is suitable for CPAs, EAs, AFSP participants, Tax Professionals and any professional or staff member involved in preparation, filing or review of business tax returns.

Learning Objectives

  • To identify the 3 forms available for forgiveness
  • To explore the Congressional proposals that could change the PPP program
  • To explore the 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
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

4.5

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RH

Jason is very informative and I enjoy listening to him speak.