IRS Audits of the Employee Retention Credit 2024

EVENT DATE:

Jul 30,2024

PRESENTER(s): Nick Preusch CPA

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

This program has been approved HRCI Credit 2 and NASBA & IRS CPE Credit 2(Taxes)

The rising popularity of the Employee Retention Credit (ERC) audits is not something to overlook. This webinar will provide an update on the market, what we know about ERC audits and the audit process. The webinar will address details of the ERC with a focus on strategies to resolve your IRS Audit without adjustment successfully.

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.

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.

Major topics covered in : 
  • Determine results of Employee Retention Credit audits thus far and what to expect in the future
  • Recognize the scope of the Employee Retention Credit
  • Identify the information that will be reported to the IRS
  • Employee Retention Credit details
  • Employee Retention Credit Audit process and preparation
  • Update on the market
Learning Objectives: 
  • IRS audits and enforcement actions related to ERC
  • Withdrawing prior ERC claims
  • Practical tips for preparing for and handling an ERC auditPractical advice for handling an IRS audit related to the ERC
  • Useful tips to prepare clients for ERC audits
  • Separating legitimate and illegitimate ERC claims

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • NASBA Sponsor: 146439
  • IRS Course ID: PJGWS-T-00072-23-O
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
Coder Archives 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Speaker Profile:
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.

Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.

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