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, ERC Etc.

4.3 (3)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

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

Published: May, 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 Business Credit credit for HRCI Certified Professionals (Approval No. 546626)

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

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

3 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

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

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

Testimonial

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KB

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.