PPP Loans: Answers to Frequently Asked Questions (Completed)

Date: Tuesday, November 24, 2020
Instructor: Greg White
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

If your clients have received PPP loans, the planning has just begun. We’ll answer frequently asked questions involving which forgiveness application to file, deductibility of expenses related to the PPP loan, and limitations on owner compensation for determining forgivable costs. We’ll also review 3 examples of completed Forms 3508EZ and the regular Forms 3508.

Who Should Attend
Practitioners advising individual and business clients.

Topics Covered

  • Which clients can file Form 3508EZ?
  • Can my client deduct expenses that were used as "forgivable" costs?
  • What are the limits on owner compensation for S corporations, sole proprietors, partnerships, and C corporations?
  • Are retirement contributions made on behalf of owners forgivable costs?
  • Are prepaid expenses forgivable costs?
  • What covered period should my clients pick?
  • How can my clients get full debt forgiveness if they've had reductions in full-time equivalents?
  • How long do I have to submit the forgiveness application?
  • Are medical insurance costs for owners included in forgivable costs?
  • How do I treat EIDL advances?
  • Are spouses and children of an owner subject to the same limits as owners?
  • How are part-time workers treated?
  • How can my clients get full PPP forgiveness even though they cut wages of employees?

Learning Objectives

  • Identify the new legislation and how it applies your clients
  • Recognize how to compute the amount of debt forgiveness
  • Recognize how to complete the proper form to apply for PPP forgiveness
  • Identify remaining areas where we still lack guidance

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None

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