Paycheck Protection Program, Round II

Robert Keebler
12/23/20 4 PM EST
CFP® Live CPA IWI IRS EA
Program Id: 822618051
9.6
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Important News Analysis Of PPP II

While this class was under way yesterday at 4 p.m. EST, the effects of a pocket veto by President Trump threatened to delay the second round of relief in the Paycheck Protection Program (PPP).

The pocket veto is a shrewd maneuver. An outright veto could be overridden by Congress, but a pocket veto cannot be overridden for 10 days. By then, Congress will be back home, further delaying the $320 billion aid for small businesses.

In this 15-minute Q&A, Bob Keebler, CPA/PFS, who actually read the PPP provisions in the 5,593-page bill, answers questions posed by A4A members, a distinguished group of tax and financial planning professionals, offering valuable details about PPP for business owners, including:

  • qualifying for a second PPP loan
  • the 25% sales quarter over quarter revenue drop requirement
  • Revising a first-round PPP loan if it’s not been forgiven yet
  • Using a simplified form for loans of less than $150,000
  • Expect April 15 20210 tax deadline to be postponed
  • Covid withdrawals from IRAs for those between 55 and 59½
  • EIDL loans

Although exactly how the drama in D.C. will play out is unclear, the relief bill is almost certain to become effective within weeks.

This class received a 9.6 rating on a 10-point scale. A4A’s stream of news is a new kind of professional education solution. It is accredited by CFP Board, NASBA, IWI and other licensing bodies for financial professionals. It was created for breaking news analysis in situations like this.  

 

Investor Alert: The Major Shift In Stocks And Bonds
With a major shift in the relative value of stocks versus bonds under way, It's a puzzling time.

This video is branded and on posted on advisor websites. Tweets with animated GIFs are posted to RIA social networks and in their email newsletters.  

The stock market seems more disconnected from the economy because of the revaluation in asset classes. Financial planning professionals trying to do what's best for clients and market their services should be sharing facts aboout this major shift now, before it's too late.  

          

 

Class Description: Paycheck Protection Program, Round  2
The first round of PPP left small businesses struggling to recover from the Covid beatdown, and a second round of the Paycheck Protection Program (PPP) is imminent.

With business owners still on the mat, the second round of PPP raises many questions answered in this class for pugnacious financial professionals, including:

• If a business received Round 1 PPP, can it still receive PPP Round 2?
• What about loan forgiveness?
• How is Round 2 different from the first round of PPP?
• How advisors can help clients document PPP for IRS compliance

Robert Keebler, CPA/PFS is a leading educator of tax professionals for over three decades. Having advised clients on every tax reform since 1982, his classes on A4A have received rave reviews for a decade.

This webinar is eligible for one hour of CE credit towards the CIMA® and CPWA® certifications, IRS EA CE, CFP® CE, PACE credit toward the CLU® and ChFC® designations, and live CPA CPE credit.

 

For Growing Fiduciaries

With the election of Joseph R. Biden Jr. as the 46th U.S. President, higher federal taxes are almost certain to be enacted in 2021.

Federal emergency aid to individuals and businesses after the Covid outbreak has exploded the federal deficit and now a second aid package is widely expected.

At this pivotal moment, as the tax pendulum swings, this video alerts:

  • retirees not to miss out on the CARES Act tax break on RMDs.
  • families that Biden plans to slash the estate exemption to $3.5 million from $11.58
  • pre-retirees not to miss the Roth conversion opportunity
  • charitably inclined individuals to an unusual variety of opportunities

For a growing independent professional financial services firm, the tax policy changes make for an unusual opportunity to educate a broad spectrum of individuals, from those who need retirement income planning to doctors, dentists, business owners, and private wealth.

 

 Bob Keebler's Preliminary 10-Minute Tax Analysis After Biden Is Elected
On Thursday, in a one-hour CE class, A4A members get a full one-hour CPE class from A4A's beloved tax educator, Robert Keebler, CPA/PFS.   

In the meantime, because this is "breaking news" for professionals, here's a 10-minute interview in which Bob goes over the D.C. political situation and the urgent tax move to make in this unusual end to the 2020 tax-year, a year-end tax planning season like no other. 

With all eyes on the January 5, 2021 Senate runoffs in Georgia, Bob says the odds are against Dems winning both Senate races in Georgia and controlling the Senate. Georgia voters are probably split about 50-50 on both Senate races. That's clear from the Presidential election results. That gives the Dems only a 25% chance winning both runoffs and gaining control of the Senate.

This interview was conducted Friday, Nov. 6 at 430 p.m. EDT and Bob answers questions about estate planning as well as skipping RMDs, intrafamily loans, installment sales, the possible payroll tax hike, and other items in limbo.       

Uncertainty about tax policy is high, and the stakes are high, too. Estate taxes may suddenly be levied on millions of families, and expansion of the payroll tax to high-income earners is also in the mix. Since we may be at a tipping point in tax policy, Advisors4Advisors is expanding tax coverage to update members on year-end planning and the fate of the Senate. 

A4A fans will be pleased to see Bob's face and grace under pressure-filled questioning.

Send questions for Bob's next class to This email address is being protected from spambots. You need JavaScript enabled to view it..

 

 
 

More than 50 hours of CFP® CE credit and more than 100 hours of Investments & Wealth Institute® credit on replays available 24/7 to paying members ($120 annually) of
Advisors4Advisors.com. CPAs are eligible to receive CPE for attending live webinars only. To learn how to receive continuing professional education credit viewing webinar replays, please see our detailed instructions.

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9.6
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Good, complicated

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Thank you Bob for a great summary and for distilling down the complexities of the 5,553 page bill. It does seem amusing how all the fighting and bickering in Washington DC always results in something very convoluted and complex and it does indeed take a very smart person, maybe even a genius, to decipher all of the nonsense (which as you correctly pointed out, is dominated by pork barrel giveaways), In any event, your presentations are greatly appreciated by all!

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Great that Bob had so much detail on the brand new legislation.

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