WEBINAR: ERC Update

Open ended Q&A following the presentation

On the Bus, Outside the Bus or Under the Bus - How and Where to Go From Here 

The Employee Retention Credit (ERC) took America by storm in a big storm. In so doing, it itself created a storm of Biblical proportion. Legitimate businesses via legitimate tax professionals applied for it. Half-baked bystanders jumped in and winged it. Greedy, non-tax professional, loose-cannon profit seekers jumped onto the bandwagon as rampant fools.

 A well-intended Congress itself wrote lofty and loose qualification standards. IRS fleshed out mostly helpful low-level guidance which got us started into the woods. At times, IRS nonsensically concocted adversarial rules that stepped off track away from the skimpily drafted legislation.

What resulted is nothing short of chaos as everyone and their dog plunged headlong into the ERC fray. IRS then blew a whistle to stop processing ERC claims and Congress now threatens to cut off the filing date for claims retroactively.

Many businesses are caught either on the ERC bus, outside (or potentially outside) the bus or under the bus. Many tax practitioners are shaking in their boots (or probably should be if they’re not). The question remains “how and where do we go from here?”

 This course walks through the following:

 -       If you’ve filed an ERC claim with IRS and it’s just sitting there in limbo, what do you do now?

-       If IRS has responded to your ERC claim and disallowing it (or giving to you other flack), how do you respond?

-       If you’re associated with a filed ERC claim that is improper, how best to proceed (and attempt to save your bacon)?

-       How to approach income tax amended returns (to reduce wage expense) and manage clients in the process

-       Is it too late to file an ERC claim? – Pros and cons on whether to do so

-       Ethical (including Circular 230) landmines along the merry path 

-       How to advise clients who may be on the ERC bus, outside of it or under it

-       How to not make more mistakes (than those already on the table)