IRS Audits of the Employee Retention Credit 2024

Event: Live Webinar
Event Date: June 27, 2024
Presenter: Jason T. Dinesen
Event Time: 1 pm EST
Duration:120 Minutes


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 Objective:

  • 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

Session Highlights:

  • IRS audits and enforcement actions related to ERC
  • Withdrawing prior ERC claims
  • Practical tips for preparing for and handling an ERC audit Practical 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

Jason T. Dinesen

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.