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

  • AFSP
  • CPA (US)
  • EA
  • HRCI
  • Tax Preparer
  • SHRM
  • CRTP

Published: May, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • IRS ERC Guidance
    4 mins
  • Second Round of PPP
    18 mins
  • Schedule C
    32 mins
  • Loan Calculations
    49 mins
  • Wrong Loan Amounts
    68 mins
  • S-Corp and Partnerships
    85 mins
  • PPP and wages
    106 mins
  • Wages Caps
    122 mins
  • PPP1 and PPP2 Forgiveness
    127 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
  • California Registered Tax Professional
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • HR Professionals
  • Human Resources Manager
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 3 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 3 CE Credit of Federal Tax Law Update for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0402)
  • 3 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 3 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00401-21-S)
  • 3 RCH Credit of Human Resources for HRCI Professional (Approval No. 546626)
  • 3 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 21-FZTR7)
  • 3 CE Credit of Federal Tax Update for Tax Professionals (Approval No. GEHNZ-U-00401-21-S)
  • 3 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-U-00401-21-S)

Presenter

About Presenter

Jason Dinesen, EA, LPA

President Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. 

Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics.  Jason has developed a strong following within the professional community for tax-related subjects. 

Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

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

FAQs content

  • 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.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • 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 still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • 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.

Ratings and Review

4.5

15 Ratings

Excellent

7

Very Good

8

Average

0

Poor

0

Terrible

0

KB

Kris Best, Tax Pros

May 17th, 2021

An interesting and timely topic. The presentation was excellent. There was a considerable amount of information and it was a lot to digest and absorb and the final quiz was tough! As always, I enjoyed Jason Dinesen. He gives a lively presentation, full of humor.