IRS Audits of the Employee Retention Credit 2024

1:00 PM ET | 12:00 PM CT | 10:00 AM PT
120 MINUTES
July 09,2024
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Description

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.

Why Should You Attend? 

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.

Listen as our seasoned panel of tax expert reviews eligibility for ERCs, outlines the ERC withdrawal process, and offers practical tips for handling an ERC examination.

Learning Objectives: 

  • 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

Area Covered in this session:

  • 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

Who Should Attend?

  • CPA, EA, attorney, and staff
  • Tax department
  • CFOs and controllers
  • Accounts payable and accounting managers
  • Public accountants
  • Business Owner and C-level Executives

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Jason Dinesen

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management fr...

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Date Title
July 2, 2024Schedule C of Form 1040 ( 2024 Updates)
July 09,2024IRS Audits of the Employee Retention Credit 2024