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Queens/Brooklyn Chapter - Shared screen with speaker view
FAE Coordinator
35:41
Hi everyone, please add any questions you have during the presentation in this chat. Thanks! :)
Iryna Stepanchuk
01:10:14
Will you be proving recording of this session and slides?
Luke Van Every
01:10:58
Hey Akshay Can i ask a question about a situation?
FAE Coordinator
01:12:33
Hi Luke, we see you have your hand raised. Feel free to ask a question.
AKSHAY SHRIMANKER
01:14:54
Slides are in course materials section @Iryna , however I can email them to you. I believe the session is being recorded.
Tricia Taitt
01:28:31
June 5th
Brian Perkis
01:35:06
https://cpa.pppforgivenesstool.com/dashboard
steven zelin
01:37:33
i have a client that is a sole proprietor with employees. She applied for PPP with Chase on April 4th and she only included the employee salaries in the application and NOT her self employed profit (over $100k). We pointed out this error to her and gave her a detail of the correct calculation and she tried to get in touch with folks at chase and she has not been able to get the right amount of PPP. Does anyone have any contacts at Chase or any advice on how the client could get the right amount of PPP?
Tricia Taitt
01:38:03
I do Steven
Tricia Taitt
01:38:14
I’ll send you a separate message
Lori Bocchino
01:41:47
I have a client that just received an invoice from the SBA showing the payment due in one year.
Jocelyne e Pierre
01:42:43
Is the EIDL loan forgivable
S. Milecki
01:44:22
Only the advance is forgivable. However, if you also received PPP, the forgivable advance is deducted from the PPP forgiveness amount - and therefore not forgivable
S. Milecki
01:46:26
Steven: Officially you were able to revise the amounts. However, it was a very short window - until the banks reported the amounts to the SBA. Once they did that you could no longer revise the amounts. So officially it was allowed. Unofficially it was difficult. As they closed down the PPP program I would say that you’re probably out of luck.
S. Milecki
01:48:09
Lori: The payment isn’t due in a year. Interest is deferred and you don’t have to pay monthly payments for the first year. Payments start after the first year.
Tricia Taitt
01:51:05
Will expenses paid with PPP $ or EIDL $ be considered taxable deductions?
S. Milecki
01:54:24
EIDL is a loan and not related to the profit and loss. Regarding the PPP, the IRS has said that if you don’t include the PPP money as income, you can’t consider the related expenses as expenses. So, if you put the PPP as income, you can deduct the expenses. If you don’t include it as income, you can’t deduct the expenses.
Yosjaira Matos
01:57:34
I processed my first efiled 1040X this morning!
Tricia Taitt
01:59:14
My BNI chapter is looking for a CPA, we meet on Tuesday
Felix Rozenbaum
01:59:48
What's everyone using for remote access?
Tricia Taitt
02:00:09
If any of the CPAs on the call would like to expand their business, please consider visiting my chapter. Contact me at tricia@artofmoneymatters.com
Edward Torres
02:01:51
I use Remote Desk Top which is part of the Microsoft suite and part of my network
Tricia Taitt
02:02:15
Thank you Akshay for putting this together.
Felix Rozenbaum
02:02:55
Thank you everyone for putting this together!
Luke Van Every
02:03:33
Thank you Akshay. Please keep me in the loop for future meetings.
Jocelyne e Pierre
02:05:12
From Jocelyne E. Pierre Can the EIDL be forgivable?
Jocelyne e Pierre
02:09:42
From Jocelyne Congratulations to the panelists
Liviu Vlaiconi
02:09:42
Thank you!
Portia Rose
02:10:08
great meeting - thanks very much!
Brian Perkis
02:11:33
What is the fee for the Tax conference?
Tricia Taitt
02:11:39
Thank you panelists and thanks Akshay for putting this together. Keep me posted on other sessions. 🙏🏾
Have a great day everyone.
Felix Rozenbaum
02:12:48
Have a great day everyone!