CPAacademy.org | PPP LOANS AND LOAN FORGIVENESS UPDATE

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PPP Loans and Loan Forgiveness Update

Including State and Local Taxation Updates

Taxes

PPP LOANS AND LOAN FORGIVENESS UPDATE

Cost $30.00

CPE Credits 1.0 hour

Subject Area 1.0 - Taxes

CE Credits 0.0 hours

Course Level Update

Instructional Method Group Internet Based

Prerequisites CPE for CPAs

Advanced Preparation None

Who Should Attend CFO / Controller
CPA - small firm
CPA - medium firm
CPA - large firm

Series: Taxes

Course Description

In our August 2020 session on the Paycheck Protection Program, we compared the design and execution of PPP to flying an airplane while trying to build it. As analogies go, it still works.

Join Withum PPP experts Dan Mayo and Jeff Clayman for this one-hour update session in which he will cover the latest guidance related to loan forgiveness and taxation of PPP, including State and Local Tax conformity to the federal rules, as well as predictions for the future of the program under a new presidential administration.

Learning Objectives:

Determine how to address clients with respect to the loan forgiveness process

Identify the tax implications of loan forgiveness, including the special rules for partners and self-employed individuals

Identify the accounting considerations relating to loan forgiveness

Identify collateral tax impacts

Identify State and Local taxation of PPP loans

Daniel Mayo, JD, LLM

WithumSmith+Brown, PC
Partner and Lead, National Tax Services
dmayo@withum.com
(973) 532-8847

Daniel has more than 20 years of professional tax experience and experience in federal, international, and financial products taxation. He is a member of Withum’s National Tax Services Group and oversees the U.S. Federal income tax research, planning, and review functions. He is experienced in mergers and acquisitions, capital markets, and cross-border transactions.

Jeffrey Clayman, CPA, JD, LLM

WithumSmith+Brown, PC
Senior Manager
jclayman@withum.com
(301) 272-6088

Jeffrey has over 18 years of public accounting experience with a focus on for-profit businesses in many different industries. He brings expertise in federal reporting and compliance for c-corporations, s-corporations, partnerships and limited liability companies. Jeffrey is highly experienced in analyzing all types of transactional documents, purchase and sale agreements, debt instruments, corporate documents and partnership agreements.

Additional Materials

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Handout Materials

Presentation Slides

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About Our Presenter

Withum is a forward-thinking, technology-driven advisory and accounting firm, committed to helping clients be more profitable, efficient and productive in the modern business landscape. With office locations in major cities and financial centers across the country, and as an independent member of HLB, the global advisory and accounting network, Withum serves businesses and individuals on a local-to-global scale. Our professionals provide the expert advice and innovation solutions you need to Be in a Position of Strength^SM in today’s fast-paced, tech-driven world.