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Maximizing ERC and PPP Wages

  • ACCT/BK
  • AFSP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Prep.
  • CFIRS
  • CWS

Published: January, 2022

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What is the credit?
    2 mins
  • Interaction with PPP
    6 mins
  • Consecutive allocation
    15 mins
  • Significant decline in gross receipts
    32 mins
  • Shutdown - Wages that quality
    44 mins

Course Description

The Consolidated Appropriations Act, 2021 expanded the Employee Retention Credit (ERC) for 2021 and opened the door for retroactive credit claims for 2020. The prior restriction on businesses with PPP loans not being able to claim the ERC was lifted, retroactively back to the beginning of the ERC in March of 2020. The legislation created two worlds: one for 2020, and then major changes for 2021.

The Paycheck Protection Program is now out of money, so no new applications are being accepted. But PPP remains a part of life for every tax pro and accountant. Issues such as applying for forgiveness, determining the "FTE" calculation, figuring out which forgiveness form to use, and even tax implications, are all still items we need to think about.

Recipients of Paycheck Protection Program (PPP) loans can now also take advantage of the ERC. Organizations with 100 to 500 employees are no longer restricted to wages only of employees not working, but all employees.

This CE/CPE tax webinar will look at how to properly allocate wages between the PPP and the ERC. We will look at several examples of how the allocations will work and what things you need to look out for when doing the allocations.

After looking at the allocations, this CE/CPE ERC webinar will also look at some of the structural laws surrounding the ERC.

Learning Objectives

  • To analyze how the ERC and PPP interact
  • To discuss how to allocate wages between ERC and PPP
  • To investigate the legal structure surrounding the ERC
  • To inspect if a business is partially shut down for the ERC.

Recommended For

  • This IRS-Approved CE/CPE webinar is recommended for CPA, EA, AFSPs, CTECs, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to understand ERC and PPP wages.
  • This CE/CPE course is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00824-21-S)
  • 1 CE Credit for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00824-21-S)
  • 1 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00824-21-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

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.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

FAQs content

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  • 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.
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