Tax Practitioner's Guide to the Paycheck Protection Program and PPP Loan Forgiveness (PPLF)

Lawrence K. Pon, CPA, Edward A. Renn, Esq., Lance G. Weiss, CPA, CVA, Michael J. Tucker, J.D., CPA
  • 3
  • Intermediate
  • Taxes
On-site : Not available; please select a webinar
Webinar : July 21, July 29
Broadcast Times

Individual course: $91
Best Value: All-Star Tax Season Pass
Volume Discounts: 
Click here for details.

Overview

The Consolidated Appropriations Act (CAA) changed the ground rules for applying for new PPP loans and seeking PPP loan forgiveness in 2021. Due to these changes, tax practitioners must learn the latest PPP loan rules so their clients who need new PPP loans, or who wish to pay off PPP loans, will be prepared for either circumstance. This program will cover the many CAA changes to PPP loan forgiveness and new PPP loan applications, as well as the latest Form 3508 developments.

Major Topics:

  • Simplified forgiveness application for covered loans up to $150,000
  • Latest rules regarding eligibility for the various forms in the Form 3508 series
  • Deductibility of PPP funded expenditures
  • How to apply for PPP loans for the first and second time
  • PPP loans and the Earned Income Tax Credit
  • Entities eligible and ineligible for a second PPP loan
  • Implications of a PPP loan greater than $2 million
  • New eligible noncompensatory expenditures for purposes of the 60%/40% requirement
  • Economic Injury Disaster Loan Advances

Learning Objectives

  • Be familiar with the issues associated with the new tax and regulatory regime in the Consolidated Appropriations Act associated with PPP loans

Any tax practitioner advising clients with respect to PPP loans and PPP loan forgiveness

Basic knowledge of individual income tax rules

None

Yes

Yes

Varies by state. Check back soon for details