Course

PPP Loan Forgiveness & Federal Income Tax Treatment of PPP Expenses

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Event Details

Tuesday, October 27, 2020

3:00pm – 5:00pm
(Registration: 2:45pm)

Field of Study

  • Taxes

CPE Credit

2 hours CPE credit

Course Code

WNXOC27A-WNXOC27A

Level of Knowledge

Basic

Vendor

Washington Society of CPAs

Prerequisites

None

Description

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. We’ll cover the following items in our 2-hour course:

  • 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?

Highlights

  • 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 George’s view of counter arguments to the IRS’s position
.

Designed For

Practitioners advising individual and business clients.

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