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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Wednesday, January 17, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE webinar will provide tax counsel and advisers guidance for claiming the employee retention credit (ERC) and navigating IRS examinations of ERC claims. The panel will discuss guidance on eligibility determination, provide direction on how to claim the credit, and discuss recent IRS initiatives and the risk of an audit for ERC claims. The panel will also provide business owners and tax counsel tactics for managing IRS examination of ERC claims.

Faculty

Cheryl R. Frank
Attorney
Brager Tax Law Group

Ms. Frank is a former Senior Tax Attorney in the Tax Litigation Division of the IRS Office of Chief Counsel in Washington DC. Her area of expertise was Tax Shelter Litigation, which included partnerships and tax accounting issues. In addition to representing the IRS in Court, Ms. Frank advised the IRS on complex issues relating to tax accounting and partnership taxation. She was a founding member of the Tax Shelter Injunction Task Force Committee at the Department of Justice. For the last 36 years Ms. Frank has limited her practice to representing clients who have disputes with the IRS as well as other State taxing authorities.

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Description

The IRS recently implemented a moratorium on ERC claims in furtherance of their initiative to examine a substantial number of ERC claims by businesses. Counsel must be prepared to assist clients who intend to file an ERC claim and prepare for potential audits for those who have filed such claims.

The ERC was implemented to help employers retain and pay employees during the COVID pandemic. However, these credits provided substantial amounts of money to businesses per employee and have been an area of focus for businesses and scammers, forcing the IRS to identify illegitimate claims. There is no doubt that even those businesses with legitimate ERC claims must be prepared for a potential IRS examination.

As a result of the ERC, many ERC mills were established purporting to assist companies in acquiring the credit. The IRS issued a warning on Oct. 19, 2022, that "warned employers to be wary of third parties advising them to claim the Employee Retention Credit when they may not qualify" and noted that these mills usually charge upfront or contingent fees for their services.

Those improperly claiming the ERC could incur steep penalties and may include a 20 percent accuracy-related penalty and a 75 percent penalty for civil fraud, as well as a criminal case against the taxpayer brought by the IRS.

Listen as our panelist discusses eligibility determination for the ERC, provides direction on how to claim the credit, and reviews recent IRS guidance and managing audits for ERC claims.

Outline

  1. ERC rules and IRS guidance
  2. Practical guidance in claiming the ERC
  3. IRS audits and enforcement actions related to ERC
  4. Practical guidance for handling an ERC audit

Benefits

The panel will cover these and other critical issues:

  • How to claim the ERC and pitfalls to avoid
  • Tools for handling an ERC examination
  • Preparing clients for ERC audits
  • Separating legitimate and illegitimate ERC claims
  • IRS key areas of focus in examining ERC claims

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify legitimate ERC claims
  • Determine practical steps to take to prepare for an ERC examination
  • Decide what penalties could be assessed for ineligible claims
  • Ascertain how to best handle IRS examinations of ERC claims

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).