Lorman offers professional resources regarding COVID-19 and the 2020 Election

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Tax Treatment of PPP Loan Forgiveness

Gain an understanding of how you might approach this program and others enacted to counter the COVID-19 pandemic.

This topic will explore the history of Payroll Protection Program (PPP) loan forgiveness by starting with the language of the CARES Act. We will trace through the guidance released by the Internal Revenue Service regarding PPP loan forgiveness and whether expenses incurred with PPP loan funds would be deductible by the PPP loan borrower. Although we will not linger on that history given later statutory changes enacted by Congress, exploring that IRS guidance will help us understand how taxing authorities might approach similar programs enacted to counter the COVID-19 pandemic and its effects on the economy. We will then shift to those later statutory changes before concluding with a survey of state and local reactions to those changes.

58 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Explore the History of PPP Loan Forgiveness

Distinguish Income Events Related to PPP Loan Forgiveness, as Opposed to the Use of PPP Loan Proceeds

Better Understand IRS Guidance

Analyze Current Status of Federal Law on the Topic

Survey State and Local Legislative Actions Taken in Response to Federal Law Changes

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on May 26, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • ME CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Dan Eller

Dan Eller

Schwabe, Williamson & Wyatt

  • Shareholder in the Portland, OR office of Schwabe, Williamson & Wyatt, where he practices business and tax law
  • Offers tax advice on a number of transactional tax matters in addition to his tax controversy practice
  • Member of the firm’s CARES Act Task Force, as well as its subgroup focused on PPP loans and their forgiveness
  • Adjunct professor at Lewis and Clark Law School and an adjunct instructor in the Masters of Taxation program at Portland State University
  • Fellow in the American College of Tax Counsel
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408797
Published 2021
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