2 Credits: Taxes
The details of how businesses will wrap up their Payment Protection Program loans is fast evolving. Over the last few weeks, the SBA has issued a form to apply for forgiveness, regulations on the forgiveness computations, and regulations on PPP loan audits and appeals. Moreover, the Payment Protection Program Flexibility Act – which must be understood by everyone participating in the PPP was just signed by the President.
Specifically, this course will focus on:
- Review of actual completed forgiveness forms
- Just signed changes brought by the PPP Flexibility Act
- The new 60% rule
- The change from 8 weeks to 24 weeks
- Determining forgiveness for the self-employed and for partners
- How to complete the SBA forgiveness form
- Last-minute ideas to maximize forgiveness
- Building a file in-case of an SBA audit
- Tricky issues, such as related party rent and contributions to profit-sharing plans
- Understanding the new SBA “PPP Forgiveness” regulations and instructions
- Impact of the new Rules under the cash and accrual basis of accounting including the Alternative Payroll Covered Period
- What does “incurred and paid” mean versus “incurred or paid”
- Forgiveness for rent, payroll and interest expense including related party rent
- How to account for pension and profit-sharing plans
- How to determine the amount of the PPP Loan available for forgiveness
- What are “covered expenses”?
- How does the “full-time equivalent” (“FTE”) test work?
- Computing the “salary reduction” test
- Re-hiring employees to avoid the “salary reduction” test
- Understanding the SBA’s “75% payroll” test and the newly pasted 60% payroll test under new law
- Understanding the income tax aspects of the proposed HEROES bill
- Two Actual completed forgiveness forms
June 5, 2020
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-02148-22-O
IRS Federal Tax Update Credits: 2
CTEC Course Number: 2071-CE-1462
CTEC Federal Tax Update Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
Robert Keebler, CPA/PFS, AEP (Distinguished), CGMA, MST is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Section. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents …