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Course Level :Basic
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Credits :0.2
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Instructional Method :Nano Learning
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Pre-requisites :None
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Advance Preparation :None
Published : December, 2023
In this online course led by Nicholas Preusch, the focus is on the Employee Retention Credit (ERC) and recent updates from the IRS. Nick highlights a significant IRS announcement involving the disallowance of approximately 20,000 ERC-related claims. These claims were invalidated due to entities not existing during the pandemic or lacking paid employees during that period, indicating potential fraudulent claims. He discusses ethical concerns surrounding ERC credit mills, which often mislead businesses into believing they qualify for the credit when they don't. The IRS aims to assist ineligible taxpayers in avoiding audits, penalties, and interest by retracting their claims.
Amidst the complexity surrounding ERC claims, Nick offers advice on how tax practitioners can guide clients to withdraw claims if they suspect ineligibility. He discusses upcoming developments such as a special voluntary disclosure program for ERC, emphasizing the importance of understanding eligibility criteria to avoid penalties. Nick touches upon ongoing legal cases, like the one in California involving medical doctors disputing IRS notices related to ERC qualification.
Please note, that Nano-learning might not be recognized by all state boards. If uncertain about your state board's acceptance of Nano-learning, seeking clarification from them or visiting the NASBA registry is advisable.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Certified Public Accountant (CPA), Nicholas Preusch
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
22 Ratings
CC
Feb 23rd, 2024
Short but interesting
JS
Jan 5th, 2024
good info
SM
Dec 31st, 2023
good information
