Latest on ERC: File Legitimate ERC Claims for Your Client
Speaker: Jason Dinesen
Speaker Designation: Tax Expert
Speaker: Jason Dinesen
Speaker Designation: Tax Expert
In mid-September, the IRS announced a moratorium on processing new employee retention credit (ERC) claims through at least December 31, 2023. Tax professionals and businesses should welcome this change, as the program has been overrun with wrongful claims (up to 95% wrongful claims recently, according to the IRS).
With this action, tax pros and businesses may think ERC is dead, or be afraid of putting in claims. One thing to be clear on is, the program is still active. And, a legitimate claim is not a scam. There’s no reason for a business that legitimately qualifies not to apply.
This webinar provides details of the history of the ERC, who qualifies, and what you can do now to help small businesses take advantage of what might be a substantial cash refund from the IRS.
This webinar covers the moratorium in detail, as well as recent IRS guidance on supply chain disruptions, and other “what’s new” topics. The IRS is going to be rolling out 2 options for businesses that made wrongful claims: one option is to withdraw the credit claim before it’s been processed, and the other option will be an amnesty program for businesses that made wrongful claims that have already been paid. Details of the withdrawal program have been released but we are still waiting on the amnesty program. We then discuss aspects of qualifying for ERC: what is a shutdown? What is the gross receipts test? Who is a recovery startup? This webinar is kept “up-to-the-minute” so anything new that comes along will be a part of the presentation.
Major Topics Covered:
The Employee Retention Credit (ERC) has emerged as a crucial lifeline for businesses navigating the economic challenges posed by global events. The ERC, a key provision of various stimulus packages, is designed to encourage businesses to retain employees during times of economic uncertainty. As the regulatory environment surrounding the ERC evolves, tax professionals must remain vigilant in understanding the nuances of eligibility criteria, calculation methods, and compliance requirements to ensure their clients maximize the potential benefits.
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community.
Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.
He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa.
Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.
