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.
CPAs, financial professionals, enrolled agents and attorneys.
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 and ER credits. Deductibility of expenses paid with PPP loan proceeds. Define the CPA/EA/tax preparer role in PPP loan forgiveness application.
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Mark Seid, Western CPE
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.
Non-Member Price $137.00
Member Price $119.00