PPP Loans: New Legislation & its Impact on Forgiveness Webcast [PPP]

Subject:

Jun 30, 2020
Time: 10:00am-12:00pm
Taxation

Credit Hours:

2.00

Price:

Member: $75.00
Non-member: $125.00

Discussion Leader:

Greg White, CPA

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 tenth year as an Adjunct Professor at the Golden Gate University’s Seattle Campus where he teaches Capital Assets, Tax Accounting and Individual Taxation. 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, King TV, and Northwest Cable News. He is frequently in contact with Treasury, IRS and other top government officials in Washington, D.C. as to late breaking guidance from the government and has been involved in making recommendations to them to help practically shape federal tax legislation and administrative guidance.

Full Description

PPP Loans: New Legislation and its Impact on Forgiveness Webcast (PPP)

June 30th, 2020

If your clients have received PPP loans, the planning has just begun. Well cover crucial issues related to the recently passed Paycheck Protection Flexibility Act and how to maximize debt forgiveness based on the most current information issued by the SBA:
- What changed in the new legislation?
- How do you determine your covered period?
- Can you keep your original 8-week covered period?
- When will you want to keep your original 8-week covered period?
- An update/review of the following forgiveness topics:
- Alternative covered period
- Do you use cash basis or accrual basis when determining the costs during the covered period?
- How do the FTE and wage reduction Haircuts work?
- What is the ordering rule for determining forgiveness?
- What certifications must your client make on the application for forgiveness?
- What needs to be provided to the bank in order to obtain forgiveness?

Major Topics:
- Practical planning ideas to maximize forgiveness.
- Monitoring the status of PPP funds.
- Planning for the FTE and wage reduction haircuts
- Keeping your clients out of trouble: How to avoid personal liability for PPP loan repayments.
- Getting a game plan in place for the use of the funds once received.

Learning Objectives:
- Understanding the new legislation and how it applies your clients.
- Understanding what the impact of certain elections in the new legislation are and when to make them.
- Compute the amount of debt forgiveness.
- Compute the new limit on nonpayroll expenses.
- Monitor the disbursement of funds.
- Develop a game plan for clients related to PPP forgiveness.
-Identify remaining areas where we still lack guidance.

Designed For: Practitioners advising individual and business clients.

CPE Credits: 2, Taxation

Level of Knowledge: Update

Prerequisite: None

Acronym: PPP

Discussion Leader: Greg White, CPA