Webinar: New PPP Loan Provisions and Update (01-20-2021)

January 20, 2020 from 10:00 am – 12:30 pm EST

This course will discuss the revised PPP loan provisions included in the December 27, 2020 Stimulus bill. It integrates the retroactive changes into the PPP1 program and also discusses the PPP2 program. The presentation addresses the many loan issues impacting CPAs and their clients for both PPP1 and PPP2 loans. The unique loan reporting challenges facing practitioners are related through actual practice situations – and then analyzed for their reporting implications.

Learning Objectives: To provide an exploration of numerous practice situations occasioned by the loan-related provisions in recent COVID-19 related legislation.

Program Content:

• New Stimulus PPP loan provisions and how retroactive changes to PPP1 affect what to do about forgiveness of those loans
• Comparison of PPP1 and PPP2 loans – application and forgiveness forms
• “Real-life” examples – practice issues CPAs are dealing with in these extraordinary times.
• Tax and accounting issues arising from the loan and loan forgiveness provisions – deductions vs. income exclusion
• Comprehensive example filled in on loan forgiveness application

Who should attend: CPAs in public practice seeking an update on the latest tax developments affecting loans and loan forgiveness.

Program Level: Intermediate

Developed By: Federal Tax Workshops, Inc

Instructor: Steven C. Dilley, CPA, JD, PhD

CPE Credit: 3 hours

Field of Study: Taxes

Prerequisites: Basic working knowledge of practice management.

Advanced Preparation: None