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.
CPAs in public practice seeking an update on the latest tax developments affecting loans and loan forgiveness.
To provide an exploration of numerous practice situations occasioned by the loan-related provisions in the COVID-19-related legislation.
The major topics that will be covered in this course include:New Stimulus PPP loan provisions and how retroactive changes to PPP1 affect what to do about forgiveness of those loansComparison 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 exclusionComprehensive example filled in on loan forgiveness application
Basic working knowledge of practice management.