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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Friday, April 26, 2024

  • schedule Time

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

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00
CPE
ALL

This webinar will provide insights into preparing for the IRS' ongoing examinations of Employee Retention Credits (ERCs) claimed by businesses. Highly advertised and often promoted to ineligible taxpayers, these credits were spotlighted on the IRS 2023 Dirty Dozen list of tax scams. Unfortunately, the bad players have heightened the risk of an audit for even legitimate ERC claims. Our panel of former IRS attorneys will prepare business owners and tax advisers for these audits.

Faculty

David J. Warner
Tax Attorney, Shareholder & Managing Principal
Holtz, Slavett & Drabkin, APLC

Mr. Warner is a Tax Attorney and the Managing Attorney of the Orange County Office of Holtz, Slavett & Drabkin. He has over 10 years of experience practicing in all aspects of tax controversy including tax audits, collection defense, and litigation in the U.S. Tax Court, U.S. District Court, and the Court of Federal Claims. He represents taxpayers in cases involving income tax, estate tax, gift tax, employment tax, collection issues, innocent spouse, penalties, and bankruptcy tax issues. He also represents taxpayers before the California Franchise Tax Board (FTB), Department of Fee and Tax Administration (CDTFA, formerly State Board of Equalization (BOE)), and Employment Development Department (EDD). He has particular expertise in tax matters involving individuals and small businesses, the examination of partnerships and S corporations, and offshore tax compliance issues, including the Report of Foreign Bank and Financial Accounts (FBAR), civil fraud, and offshore information return penalties.

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Michele F.L. Weiss
Principal
Holtz, Slavett & Drabkin, APLC

Ms. Weiss has over 20 years of experience in tax controversy and litigation matters. She helps her clients resolve their civil and criminal tax matters. Ms. Weiss represents her clients in all aspects of tax controversy, in examinations, appeals and collection matters, at the administrative level and in litigation with federal, state and local tax authorities including the IRS, FTB, California Department of Tax and Fee Administration (CDTFA), EDD, Board of Equalization, Office of Tax Appeals (OTA), the County Assessor and LA City Finance Office. She has expertise in many substantive and procedural tax issues including tax penalty abatement, conservation easement deductions, offshore disclosure matters, employment tax matters, sales tax audits, research and development credits, collection due process and non-profit matters. Ms. Weiss handles property tax matters in all California counties including special assessments, escape assessments, change in ownership issues and property tax appeal representation.

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Description

The ERC was implemented to help employers retain and pay employees during the COVID pandemic. However, with the large amounts of potential credits also came credit mills and scammers. ERC mills sold companies on being able to easily qualify for the ERC without diligently determining whether the companies qualify.

On Oct. 19, 2023, the IRS implemented a policy that allows employers to withdraw erroneous ERC claims. Penalties for improperly claiming the ERC are steep and could 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. As if this wasn't enough, these payroll-type audits can open the door to income tax audits of the business itself. Tax practitioners working with businesses that have taken advantage of ERCs need to prepare for IRS scrutiny.

Listen as our seasoned panel of tax attorneys reviews eligibility for ERCs, outlines the ERC withdrawal process, and offers practical tips for handling an ERC examination.

Outline

  1. Overview of ERC
    • Statute and IRS guidance
    • Risks associated with less-than-reputable credit mills
  2. IRS audits and enforcement actions related to ERC
    • IRS public statements on ERC audits
    • Usual steps in IRS ERC audits
  3. Withdrawing prior ERC claims
  4. Practical tips for preparing for and handling an ERC audit

Benefits

The panel will cover these and other critical issues:

  • Understanding ERC eligibility
  • Practical advice for handling an IRS audit related to the ERC
  • Useful tips to prepare clients for ERC audits
  • Separating legitimate and illegitimate 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).