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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

    Tuesday, May 21, 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 professionals guidance on handling IRS' ongoing examinations of employee retention credits (ERCs) claimed by businesses. The panelist will discuss and address recent IRS initiatives and key areas of focus, and 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 will be examining a substantial number of ERC claims. Counsel must be prepared to assist clients who have claimed the ERC credits and prepare for potential audits. The IRS will also be targeting various ERC promoters.

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 the unwary. There is no doubt that even those businesses with legitimate ERC claims must be prepared for a potential IRS examination.

Tax practitioners working with businesses that have taken advantage of the ERC need to prepare for IRS audits. Also, ERC companies that promoted these transactions will be under investigation.

Listen as the panel discusses and addresses practical tips for handling an ERC examination and other matters regarding withdrawals of ERC claims that have yet not been processed.

Outline

  1. Overview of ERC.
  2. IRS audits and enforcement actions related to ERC.
  3. Practical considerations in withdrawing an ERC claim.
  4. Practical tips during an ERC audit.

Benefits

Cheryl Frank will cover these and other critical issues:

  • Tools for handling an ERC examination.
  • Separating legitimate and illegitimate ERC claims.
  • IRS key areas of focus in examining ERC claims.
  • What to do should you withdraw your ERC claim.

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).