PPP Round Two & Other Year-End Tax Developments

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  • Location
    • Your Computer
      Your Space
      ISCPA Webinar, ID 00000
  • Credits
    • 4.00
  • Credit Type(s)
    • Taxation (4.00)
  • Vendor
    • Kaplan Financial Education
  • Level
    • Advanced
  • Fields of Study
    • Taxation
  • Message
    • Webinar - Viewing From Computer

Description

Congress has yet again passed new legislation just before adjourning for the year, this time creating a brand new version of the Paycheck Protection Program loans, qualifying some businesses to obtain a second forgivable loan.  As well, another set of checks will be sent out to qualifying taxpayers under the recovery rebate program, though this time in a reduced amount.  Attend this course to get up to speed on what has changed so you can advise clients on the impact of these issues, as well as ready yourself for handling these issues on 2020 income tax returns.

Designed For

Tax, accounting, financial professionals who want up-to-date information on the paycheck protection program (PPP) and other 2020 year-end tax developments.

Objectives

  • Assist clients applying for forgiveness of the first round PPP loans
  • Explain to clients the eligibility requirements for the second round PPP loans, and changes in how the program operates
  • Advise clients on how the second round of payments to taxpayers under the recovery rebate program applies in their case
  • Understand other provisions contained in the tax law passed at the end of 2020 by Congress

 

Highlights

  • Modifications made to the original paycheck protection program loan program including the 
    • New streamlined forgiveness application for loans of $150,000 or less
    • Full deductibility of expenses paid with PPP loan funds
  • Details on the new program to allow certain small businesses to receive a second forgivable PPP loan including
    • What businesses are eligible to receive these loans, including how to calculate the revenue loss test
    • Applicability of the new program to small §501(c)(6) organizations
    • Expansion of types of forgivable expenses paid with PPP funds
  • Requirements to receive a check in the second round of recovery rebate payments
  • Temporary full deduction for business meals in 2021 and 2022
  • Extenders included in the year end bill
  • Other tax developments taking place since November

 

Advanced Prep

  • Download PDF manual - view your upcoming events in "My CPE" on website
  • Test your computer/device for compatibility with virtual meeting space well in advance of your webinar

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Leaders

Ed Zollars

Ed Zollars

Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals.

Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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