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Tax Issues Affecting PPP Loans and Loan Forgiveness


Cost $15.00
Presentation Length 1.5 hours

Recorded DateSeptember 3, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Some have compared the design and execution of the Paycheck Protection Program to flying an airplane while trying to build it. As analogies go, it works.   

It’s probably also an accurate description of the stress levels someone running or advising a business may be experiencing as they seek this funding, manage tax issues related to funding received, or maximize the amount of the loan that can be forgiven.  

Join Withum experts Dan Mayo and Jeffrey Clayman for this 90-minute session in which they will cover the latest guidance related to loan forgiveness and the tax aspects of PPP loans that have already been issued.

  • The receipt of a PPP loan

  • Loan forgiveness

  • Estimated tax payments

  • Filing of tax returns

  • Receipt of tax-free income by partners and self-employed individuals

Learning Objectives:
After attending this session you will be better prepared to:

  • Advise clients with respect to the loan forgiveness process

  • Identify the tax implications of receiving a PPP loan

  • Analyze the factors that affect the percentage of the loan that can be forgiven

  • Describe the impact of a PPP loan on estimated tax payment obligations

  • Know the issues related to PPP loans and tax return filing

  • Identify factors related to receipt of tax-free income by partners and self-employed individuals

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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.

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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.

About Our Presenter

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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 StrengthSM in today’s fast-paced, tech-driven world.