PPP Loans continue to evolve. Join Greg White has he a provides an update and walks you through completing forgiveness applications.
Publication Date: January 2021
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 changesWe'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
- Identify the maximum PPP loan
- Identify the cap on EIDL
- Identify the two types of haircuts and the steps involved
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A basic understanding of tax preparation.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.