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Employee Retention Credit: IRS Moratorium, Audits, and Withdrawing Claims

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, November 2, 2023

Recorded event now available

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This webinar will cover the Employee Retention Credit (ERC), including the expiring application deadline, the credits available, and the related IRS challenges. Our panel of federal income tax experts will highlight the multitude of changes made to the ERC for practitioners working with businesses eligible for these credits.

Description

ERCs were authorized as part of the CARES Act and provided a 50 percent credit for qualified wages between Mar. 12, 2020, and Dec. 31, 2020. A full or partial suspension of operations or a significant decline in gross receipts could be eligible for this relief meant to keep employees on the payroll.

Since its initial implementation, the ERC has been revised by the Consolidated Appropriations Act, The American Rescue Plan Act, and the Infrastructure Investment and Jobs Act of 2021. There is also pending legislation to include the 4th quarter of 2021, which was eliminated in November 2021 under the Infrastructure Investment and Jobs Act.

The frequent changes are complex for practitioners to track; however, the savings are substantial. Savings can be as much as $5,000 per employee for 2020 and $28,000 per employee for 2021. Companies generally have until Apr. 15, 2024, to file amended returns to claim eligible credits for 2020, and until Apr. 15, 2025, to file amended returns to claim eligible credits for 2021. Tax advisers need to understand how to take advantage of these credits for eligible businesses.

Listen as our panel of ERC experts explains the particulars of the ERC for tax practitioners.

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Outline

  1. Employee Retention Credits: introduction
    1. Section 2301 of the CARES Act
    2. Revisions to the ERC
    3. ERTC Reinstatement Act (Proposed)
  2. Eligible employer
    1. Reduction in gross receipts
    2. Full or partial suspension of business operations
  3. Qualified wages
    1. Limitation for large employers
    2. Limitation on wage increases
  4. Claiming the ERC
  5. IRS challenges

Benefits

The panel will cover these and other critical issues:

  • The impending deadline for applying for ERCs
  • Changes made to ERC by the Consolidated Appropriations Act
  • IRS challenges to ERC claims
  • Guidance in IRS Notices 2021-20, 2021-49, and 2021-23

Faculty

Pon, Lawrence
Lawrence K.Y. Pon, CPA/PFS, CFP, EA, USTCP, AEP
Tax Attorney
Pon & Associates

Mr. Pon has been in practice since 1986 providing comprehensive tax and financial planning, tax preparation and...  |  Read More

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