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

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OnDemand Course

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.

Learning Objectives

  • You will be able to recognize the history of the PPP Loan.
  • You will be able to differentiate between first and second draws.
  • You will be able to identify IRS guidance regarding PPP.
  • You will be able to identify valid expenses to use PPP proceeds.

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 July 13, 2021.

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

  • CPE/NASBA - QAS Self Study 1.5 including Taxes 1.5
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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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.

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: 409175
Published 2021
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