New Guidance on the Employee Retention Credit (Currently Unavailable)
Author: Greg White
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 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
Join expert, Greg White, CPA, as he covers new guidance the employee retention credit. We will cover the mechanics of the retention credit and planning opportunities.
Publication Date: August 2021
Topics Covered
- We'll cover new guidance in Revenue Procedure 2021-49
- Eligibility of wages paid to majority shareholders
- Eligibility of tip income
- Recovery startup businesses
- We'll also cover new guidance on the treatment of PPP loans in connection with the "significant decline in gross receipts" test for the ERC
Learning Objectives
- Identify majority shareholders and the eligibility of wages for the ERC
- Compute gross receipts for purposes of the "significant decline" test
- Recognize an advantage of using the prior quarter for the 80% test
- Identify what Notice 2021-33 provides that employers may elect to exclude gross receipts
- Recognize after what date a recovery start-up business is one that began carrying on any trade or business
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic understanding of tax preparation.
Advance Preparation
None
