PPP Loan Forgiveness & Federal Income Tax Treatment of Expenses [PPPFOR]
Time: 1:00pm - 3:00pm
Subject:
TaxationCredit Hours:
2.00Price:
Member: $100.00
Non-member: $175.00
Discussion Leader:
George Koutelieris & Greg White
more info
George Koutelieris, CPA, is a shareholder with the firm Johnson & Shute P.S. He subsequently received his Master’s in Taxation from Golden Gate University graduating with Highest Honors in 2010 and being awarded the Outstanding Graduate Tax Student Award for the Seattle campus of Golden Gate. He is currently an Adjunct Professor at Golden Gate University teaching various tax courses. George’s practice includes planning and consulting on complex transactions including formations, liquidations, mergers and acquisitions, purchase and sales, multi-state and international tax for closely held businesses and their owners. In addition, George provides compliance and representation services before the IRS and various state taxing agencies for clients. George is also an active speaker on various tax topics, having presented in the past for Golden Gate University, the Washington Society of Certified Public Accountants, the Alaska Society of CPAs and the Oregon Society of Certified Public Accountants.
Greg White, CPA, has practiced tax accounting for more than 35 years. He is founder, shareholder, and President of CPA firm WGN, P.S. in Seattle, Washington, which serves a successful entrepreneurial client base. He also owns and operates State of the Art Tax, LLC, a tax education company. Greg is in his twelfth year as an Adjunct Professor at the Golden Gate University’s Seattle Campus. Greg is licensed to practice in and has argued cases before the U.S. Tax Court. He has been named a “Top 50” IRS Practitioner by CPA Magazine. Greg has extensively presented tax CPE, predominantly on the west coast, over the last decade and has written and presented live courses and webinars for CCH and others nationally. He has presented tax topics in the Pacific Northwest on TV including spots on KOMO TV and King TV.
closeWebsite registration for this course closes on October 26, 2020. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
PPP Loan Forgiveness & Federal Income Tax Treatment of PPP Expenses Webcast (PPPFOR)October 27th, 2020
Overview:
Most CPAs are being bombarded with the following 2 questions from their clients:
1. When and how can I file for PPP forgiveness?
2. How will the expenses paid with PPP funds be treated for tax purposes?
Join Greg White and George Koutelieris as they will be providing answers and insights to help you provide answers to those two very important questions.
Major Topics:
- What form can and should your client use?
- Planning strategies for Full-Time Equivalent (FTE) reductions?
- What documentation needs to be submitted with the forgiveness form?
- Did the IRS get it right with Notice 2020-32?
- Can your client deduct some or all of the PPP related forgiven expenses and do you need to include a Form 8275 or 8275R in order to take that position?
Learning Objectives & Highlights:
- Understanding how forgiveness applications apply to your clients.
- Understanding the timing of when to file.
- Compute the amount of debt forgiveness.
- Develop a game plan with clients related to income tax impact of PPP forgiven expenses.
- Identify remaining areas where we still lack guidance.
- Practical planning ideas to maximize forgiveness.
- Examples of the forgiveness applications, including using the NEW Form 3508S.
- In depth dive into Notice 2020-32 and Greg and Georges view of counter arguments to the IRSs position.
Designed For: Practitioners advising individual and business clients.
CPE Credits: 2, Taxation
Level of Knowledge: Update
Prerequisite: An understanding of the costs eligible for PPP forgiveness and the definitions and uses of the terms covered period and alternative covered period is assumed.
Acronym: PPPFOR
Discussion Leader: Greg White, CPA & George Koutelieris, CPA
