ERTC: Updates on IRS Guidance, Withdrawal, Repayment, & Audits Plus New Claims
Author: Jane Ryder
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course will provide information on the latest IRS guidance related to ERC refund claims. Review ERC eligibility rules to determine if a taxpayer's ERC claims may be at risk during audit and consider recommended actions to withdraw an ERC claim or repay funds from earlier ERC claims. Plus best practices for reporting ERC refunds received in the current year and amending prior year returns for ERC credits. And lastly, submitting new claims for eligible taxpayers.
Publication Date: May 2024
Designed For
Tax practitioners who have clients with ERC claims or may be eligible to file a claim
Topics Covered
- Current IRS audit and compliance investigations involving ERC
- IRS's ERC Withdrawal program, to withdraw a claim for ERC refund
- IRS's closed Voluntary Disclosure Program, which permitted favorable repayment of ERC refunds
- Filing amended tax returns for ERC refunds received
- Eligible criteria for a valid ERC claim
- Reporting ERC refunds received correctly
Learning Objectives
- Determine which clients may be facing audit exposure for ERC refunds received
- Explain ERC withdrawal options to clients who may have submitted questionable claims
- Identify best practices for reporting ERC refunds received in 2023 and prior years
- Identify clients who may need to amend tax returns for ERC refunds received
- Identify a client's eligibility to submit a claim for 2021 ERC
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
