PPP Loans: Update and Completing Forgiveness Applications (Completed)

Date: Friday, January 15, 2021
Instructor: Greg White
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm 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

PPP Loans continue to evolve. Join Greg White has he a provides an update and walks you through completing forgiveness applications.

Topics Covered

  • Can clients deduct the expenses that are used to produce PPP forgiveness?
    • Are sole proprietors and partners allowed to deduct the expenses entirely?
    • What guidance has the IRS issued?
    • Is the IRS guidance incorrect?
  • Update for any Congressional changes
  • We'll answer a variety of questions, including:
    • 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
  • 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
A basic understanding of tax preparation.

Advance Preparation
None

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