CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

PPP Loans: The Battle for Forgiveness

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Taxes

Course Description

A significant allure to the PPP loans is that they are fully forgivable. Many borrowers will be surprised when they apply for loan forgiveness that their entire loan is not forgiven. They will immediately turn to their trusted advisors and ask for help. That is the time when they will learn there are income tax consequences to accepting a PPP loan as well. This course will examine the income tax consequences of PPP loans and forgiveness. In order to make informed decisions and provide competent tax advice to clients, tax practitioners must understand how clients were granted various loans, when the loans were approved and disbursed, how the loan funds were utilized, and how (and how much) any forgiveness was determined. Each of these pieces of information are needed to prepare accurate income tax returns, claim only credits allowable to the clients, pay employer taxes when required, and calculate the amount of income tax deductions when PPP loan proceeds are forgiven.

Learning Objectives

At the end of this course you will be able to:

  • Determine income tax consequences of obtaining a PPP loan
  • Learn the critical PPP loan calculations
  • Factors impacting reduction of loan forgiveness
  • Interaction with EIDL loans, paid sick leave, paid family leave & ER credits
  • Deductibility of expenses paid with PPP loan proceeds
  • Define the CPA/EA/tax preparer role in PPP loan forgiveness application

Course Specifics

Course ID
WC1820225486
Revision Date
December 1, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01636-20-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1533
CTEC Federal Tax Law Credits: 2

Course Instructor

Mark Seid Headshot
Mark Seid, EA, CPA, USTCP

Mark F. Seid, EA, CPA has an active tax practice in Paso Robles, California specializing in small businesses and tax controversy. A National Tax Practice Institute graduate, Mark is admitted to practice before the U.S. Tax Court. He has served as an Internal Revenue Agent with the IRS in San Jose and San Luis Obispo, California, a state director for the California Society of Enrolled Agents, and the chair for the society’s Finance and Budget committee. He regularly presents courses to tax professionals on issues affecting small businesses.

PPP Loans: The Battle for Forgiveness

Expert Instructors
CPE CREDITS
2 Credits: Taxes

$119.00


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
This webcast is 2 hours in length so you must start it before 06:00 pm ET.
Start within 3 hour(s) and 06 minutes to watch today.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Taxes

Course Description

A significant allure to the PPP loans is that they are fully forgivable. Many borrowers will be surprised when they apply for loan forgiveness that their entire loan is not forgiven. They will immediately turn to their trusted advisors and ask for help. That is the time when they will learn there are income tax consequences to accepting a PPP loan as well. This course will examine the income tax consequences of PPP loans and forgiveness. In order to make informed decisions and provide competent tax advice to clients, tax practitioners must understand how clients were granted various loans, when the loans were approved and disbursed, how the loan funds were utilized, and how (and how much) any forgiveness was determined. Each of these pieces of information are needed to prepare accurate income tax returns, claim only credits allowable to the clients, pay employer taxes when required, and calculate the amount of income tax deductions when PPP loan proceeds are forgiven.

Learning Objectives

At the end of this course you will be able to:

  • Determine income tax consequences of obtaining a PPP loan
  • Learn the critical PPP loan calculations
  • Factors impacting reduction of loan forgiveness
  • Interaction with EIDL loans, paid sick leave, paid family leave & ER credits
  • Deductibility of expenses paid with PPP loan proceeds
  • Define the CPA/EA/tax preparer role in PPP loan forgiveness application

Course Specifics

Course ID
WC1820225486
Revision Date
December 1, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01636-20-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1533
CTEC Federal Tax Law Credits: 2

Course Instructor

Mark Seid Headshot
Mark Seid, EA, CPA, USTCP

Mark F. Seid, EA, CPA has an active tax practice in Paso Robles, California specializing in small businesses and tax controversy. A National Tax Practice Institute graduate, Mark is admitted to practice before the U.S. Tax Court. He has served as an Internal Revenue Agent with the IRS in San Jose and San Luis Obispo, California, a state director for the California Society of Enrolled Agents, and the chair for the society’s Finance and Budget committee. He regularly presents courses to tax professionals on issues affecting small businesses.

PPP Loans: The Battle for Forgiveness

Expert Instructors
CPE CREDITS
2 Credits: Taxes

Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
This webcast is 2 hours in length so you must start it before 06:00 pm ET.
Start within 3 hour(s) and 06 minutes to watch today.

A significant allure to the PPP loans is that they are fully forgivable. Many borrowers will be surprised when they apply for loan forgiveness that their entire loan is not forgiven. They will immediately turn to their trusted advisors and ask for help. That is the time when they will learn there are income tax consequences to accepting a PPP loan as well. This course will examine the income tax consequences of PPP loans and forgiveness. In order to make informed decisions and provide competent tax advice to clients, tax practitioners must understand how clients were granted various loans, when the loans were approved and disbursed, how the loan funds were utilized, and how (and how much) any forgiveness was determined. Each of these pieces of information are needed to prepare accurate income tax returns, claim only credits allowable to the clients, pay employer taxes when required, and calculate the amount of income tax deductions when PPP loan proceeds are forgiven.

$119.00