Employee Retention Tax Credit: Assisting Clients in Obtaining the Maximum Benefit

Register Now
  • Location
    • Your Computer
      Your Space
      ISCPA Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Taxation (2.00)
  • Prerequisites
    • Basic knowledge of income taxes

  • Vendor
    • *** ISCPA ***
  • Level
    • Overview
  • Fields of Study
    • Taxes
  • Message
    • Self Study Requires Passage of a Quiz for CPE

Description

This self-study was recorded on 6.2.21 and will not be updated
You have until 10.31.21 to view this recording and pass a quiz to receive CPE credit

With the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) on December 27, 2020, Congress retroactively made available to taxpayers who had participated in the Payroll Protection Loan program the right to obtain benefits under the CARES Act Employee Retention Tax Credit for 2020, as well as extending that benefit to the first half of 2021 and making the maximum credit much larger. In March Congress extended that benefit through to the end of 2021, as well as making it available to any start-up business.

But although the credit can represent a substantial amount of tax relief for qualified businesses, the program has different sets of rules that apply for different periods, as well as the need to work to determine the optimal strategy for obtaining full forgiveness for Paycheck Protection Program loan relief while obtaining the largest possible tax credit. In this course we’ll help you understand the nuances of each version of the program, the interaction with the Paycheck Protection Program loan forgiveness application process and how to file the claims for refund to obtain credit for prior periods your client is eligible for.

Designed For

  • CPAs and other financial professionals
  • Objectives

    Assist clients in obtaining the maximum employee retention tax credit by understanding

    • The nuances of each version of the program
    • The interaction with the Paycheck Protection Program loan forgiveness application process
    • How to file the claims for refund to obtain credit for prior periods your client is eligible for

    Highlights

    • The original Employee Retention Tax Credit for 2020
      • Limits on wages per employee
      • Time periods when the employer qualifies in 2020
    • The 2021 quarter one and quarter two versions of the credit
      • The significant increase in maximum wages eligible for the credit
      • The major change in the reduced revenue test that makes it easier to qualify for the benefit
      • The new small employer rule that increased the number of employees from 100 to 500
    • The 2021 quarter three and four credit revisions
      • The tax benefit available to most employers who began business after February 15, 2020
      • Expanded relief for large employers who had a more than 90% reduction revenue
    • The mess that is bar on claiming the credit for employees with certain relationships those with a direct or indirect controlling ownership interest
    • How to both apply for any refunds the client is entitled to, as well as get a current reduction in payroll tax deposits

    Advanced Prep

    • Download PDF manual - view your upcoming events in "My CPE" on website
    • Test your computer/device for compatibility with virtual meeting space well in advance of your webinar

    If you need this reported to the IRS for CE credit, email CPE@idcpa.org

    By registering for this course, you attest that you will not share any of the content contained within the course with any other individual, without written consent from ISCPA. This includes the materials and recordings of the event.

    Register Now

    Leaders

    Ed Zollars

    Ed Zollars

    Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals.

    Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

    Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

    He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

    ← Back to List