CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Payment Protection Program Update - Completing the Forgiveness Form & Brand-New Legislation

Icon_Webcast
Webcast
Icon_Level
Update
Credits
CPE Credits
2 Credits: Taxes

Course Description

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.

Learning Objectives

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

Course Specifics

Course ID
WC18206960
Revision Date
June 5, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01566-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1462
CTEC Federal Tax Update Credits: 2

Course Instructor

Robert Keebler Headshot
Robert Keebler, CPA, AEP, MST, CGMA

Robert S. 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 …

Robert Keebler, CPA, AEP, MST, CGMA Read More »

Payment Protection Program Update - Completing the Forgiveness Form & Brand-New Legislation

CPE CREDITS
2 Credits: Taxes

$98.00

Icon_Webcast
Webcast
Icon_Level
Update
Credits
CPE Credits
2 Credits: Taxes

Course Description

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.

Learning Objectives

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

Course Specifics

Course ID
WC18206960
Revision Date
June 5, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01566-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1462
CTEC Federal Tax Update Credits: 2

Course Instructor

Robert Keebler Headshot
Robert Keebler, CPA, AEP, MST, CGMA

Robert S. 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 …

Robert Keebler, CPA, AEP, MST, CGMA Read More »

Payment Protection Program Update - Completing the Forgiveness Form & Brand-New Legislation

CPE CREDITS
2 Credits: Taxes

$98.00