Update: If you have a client who wants to file for the ERC, you have to hop on it because the January 31 filing cutoff is almost here. 

If you have a client who filed an improper claim, you need to consider the 80 percent payback deal and get it done by March 24, 2024. 

The pending legislation makes amending an income tax return to reduce wage expense for ERC considerably more messy. We walk you through the new statute of limitations wrinkles and Circular 230 mandates to be leery of. We also advise you as to how to handle the amended income tax return issue before this tax season begins and as it unfolds.  

If you have a client that has filed (or desires to yet file) an ERC claim, then you’ve got a hot potato in your hands. Is (or was) the claim legitimate? Did you prepare the claim (or did an outside “ERC mill”)? Are you faced with recommending (or filing) amended income tax returns (to adjust for an ERC claim)?

We’ll walk you through answering these questions and demonstrate to you exactly what you need to know to keep yourself out of serious trouble.

This three-hour CPE course gives you what you need know, including:

1. Why you must act now: Congressional tax writers have proposed a law that will end filing for the ERC on January 31, 2024.

2. When and how an amended income tax return (to reflect an ERC claim) must be filed; the nitty-gritty of amended income tax return adjustments; ethics do’s and don’ts; the pending legislation’s big change to the statute of limitations for assessment; and what to do about possible malpractice exposure
3. Moving target – How IRS is backing down from and attempting to subtly reverse some of its originally issued pro-taxpayer guidance
4. How exactly to determine whether an unfiled ERC claim is worth its salt
5. How the IRS puts you on the hook with Circular 230 ethics rules when clients claim the ERC using an outside ERC mill and you’re the one faced with amending the business tax return
6. Why it is imperative to basically ignore IRS’s ERC claim processing moratorium if you have a legitimate ERC claim to file – We’ll show you exactly what to do and when
7. When and how an income tax amended return (to reflect an ERC claim) must be filed – The nitty gritty of amended income tax return adjustments – The ethics dos and don’ts and malpractice exposure (and what to do about the malpractice exposure)

1. How you could be hammered hard for an ethical violation for amending an income tax return in connection with a less-than-stellar ERC claim

9. What to do about existing pending ERC claims sitting on the table?
10. Cold feet re: an ERC claim: We’ll help you analyze whether you need to withdraw your claim and what to do if you need to withdraw
11. How to withdraw an existing claim with the least damage possible?
12. How to chase down IRS to retrieve your legitimate ERC refund
13. How to comply with Circular 230 regarding ERC claims, whether you prepare the claim or not
14. Income tax consequences of filing an ERC claim, from reducing the wage deduction (timing concerns) to §199A wage implications, plus basis issues (for partners and S corp. shareholders) and AAA issues (for S Corps)
15. Congress is thinking about cutting the ERC application deadline short—filing delays could mean your clients miss out completely
16. How to deal with an improper ERC claim
17. The nuts and bolts of filing legitimate claims
18. What a legitimate ERC claim is, why it’s not a scam, and how your clients can qualify
19. What you should do next if you have already filed an ERC claim
20. How to combine your clients’ businesses under the aggregation rules
21. The records your clients will need to prove their ERC claims are valid (tips from the IRS audit guide)
22. How the statute of limitations on the IRS coming after your client to collect an improper ERC refund may never expire, which means it could be open forever
23. Steps to jump-start the process if you’ve submitted ERC claims for your clients and are growing old waiting for the money
24. Strategies for allocating wages and claiming ERC and PPP forgiveness
25. A complete guide to ERC math
26. In depth looks at partial suspension and supply chain issues
27. How to sort all of this out and do right before tax season hits like a freight train

Presenter: Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 40 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey, and Canada. He has authored texts of 35 CPE courses.  He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9.  Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top-rated, most requested instructor for CPA Society annual tax conferences.

Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion.  His forte’ is the candid communication of practical ideas relating to tax law.

“As an attendee at the March 24^th online webinar “Claiming ERC in 2023..” (CPA Trendlines – Leyva Learning – March 24), I was pleasantly surprised by the content and tone of the presentation. Having tried to reconcile what little guidance I could find from the IRS with what clients and media were reporting as program requirements, it was refreshing to hear a reasoned response supported by authoritative citations.“ – D.M., CPA

Host: Rick Telberg

• Founder and CEO CPA Trendlines, Bay Street Group
• Accounting Today Top 100
• CPA Practice Advisor Top 25

Host: Sandi Leyva

• Founder Accountant’s Accelerator, Leyva Learning LLC
• CPA Practice Advisor Top 25
• Most Powerful Women in Accounting