Keeping Up with the Tax Code - Employee Retention Credit (ERC)

Overview

Whether you are an experienced veteran or new to the industry, one of the toughest parts of being a tax practitioner is keeping up with all of the changes in tax legislation. The Keeping Up with the Tax Code series takes a look at recent changes to tax law from a practitioner perspective. We don’t just hurl code sections at you without explanation. Using examples, problems, and plain explanations, we explore a mix of new tax issues and areas of the code that tend to be misunderstood in a practical and straight-forward way. In this session, we will explore the employee retention credit and some of the more recent guidance, especially in the area of supply chain disruptions. We will discuss why you might still need to file a prior year income tax return due to an ERC claim, as well as the new IRS ERC withdrawal programs.

Highlights

• Who is an eligible employer for the ERC?
• Partial suspension of operations
• Supply Chain Disruptions
• GLAM 2023
• 005
• Significant Decline in Gross Receipts
• Recovery Startup Business
• Amending a 941 to Claim an ERC
• Interaction of ERC & PPP Forgiveness
• ERC Withdrawal Processes

Prerequisites

Basic knowledge of federal business income taxation

Designed For

CPAs, EAs, and Financial Advisors who advise on business income tax issues.

Objectives

• State which taxpayers qualify for the employee retention credit (ERC)
• Identify when it may be advantageous for a taxpayer may need to amend Form 941
• Recognize which taxpayers qualify for the IRS ERC Withdrawal Programs

Preparation

None

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will not be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by Peters Professional Education (PPE). The course expires one year from the purchase date.