The Employee Retention Credit (ERC) has been a hot topic for the past few years. When Congress modified the rules in late 2020 to allow Paycheck Protection Program loan borrowers to qualify for the ERC, eligible employers found themselves with a much-needed source of additional assistance during a time of uncertainty. The window for claiming the 2020 credit will close on April 15, 2024. While many employers have already filed claims and received their refund checks, many are still wondering whether they are eligible. And with recent media coverage of ERC scams, ineligible claims, and increased IRS audit activity, employers should approach the credit with caution.
Join us as we walk through the details relating to the credit, including determination of eligibility, how to file the claims, the new IRS voluntary disclosure program, and the latest on IRS activity in this area. While many of these rules apply to all employers, we will approach the topic with a specific focus on not-for-profit organizations. The credit can yield sizeable refunds to not-for-profit organizations and all should carefully evaluate their eligibility before the refund window closes.
Who Should Attend
CPAs, CFOs, auditors, bookkeepers, staff accountants, board members, and others working with not-for-profit organizations
Topics Covered
- Eligibility requirements for the credit
- How to claim the credit and receive your refund
- Reporting the credit on your audited financial statements and tax returns
- IRS guidance issued to date surrounding eligibility and calculations
- IRS Voluntary Disclosure Program for employers that may have ineligible claims
Learning Objectives
- Identify eligibility requirements for making a valid employee retention credit claim
- Recognize the specific rules applicable to not-for-profit organizations relating to the credit
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Sarah Huang
Sarah is a tax principal at Clark Nuber P.S., based in the Seattle metro area. She focuses her practice on tax compliance and consulting for public charities and private foundations. During her time at Clark Nuber, she has provided extensive consulting services to our tax-exempt organizations on matters such as tax law changes, unrelated business income, alternative investments, foreign filing requirements, state tax filings, payroll taxes, organizational structuring, and donor acknowledgement requirements.
Sarah is a contributing writer and editor of the Form 990 Compliance Guide, published by CCH, and has written several articles for various publications, including a five-part series on donor acknowledgement for CCH. She is an associate member of the AICPA Exempt Organization Technical Resources Panel and is a member of the AICPA and Washington Society of CPAs.
Clark Nuber
Located in the Seattle metro area, Clark Nuber PS is home to one of the largest single-office Not-for-Profit practices in the United States. This nationally recognized group is composed of over 80 professionals who specialize in serving more than 750 not-for-profits. These professionals take a broad, holistic view of the entire financial and regulatory ecosystem in which not-for-profits function.
Our involvement and investment in the industry extends beyond providing professional services to charitable organizations. Our shareholders and principals also present regularly at conferences and seminars tailored to the not-for-profit community. And, several leaders serve on national-level boards and committees that establish guidance and best-practices for the sector, including the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee, the TE/GE EO Council’s TIC-TAQ Forum, and the AICPA Exempt Organization Technical Resource Panel.
Additionally, Clark Nuber is the author of the Form 990 Compliance Guide and the Private Foundation Handbook and Compliance Guide.