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The Accounting Podcast
The ERC Moratorium: What Accountants and Tax Pros Need to Know
Sep 28, 2023
This podcast explores the implications of the recent ERC moratorium on tax professionals and preparers. It discusses the tax implications of the ERC, responsibilities of tax preparers, challenges of calculating the special ERC credit, accounting for prior period adjustments, and the impact on accountants and tax professionals. It also covers fraudulent phone calls regarding the ERC program and the importance of cleaning up the program.
27:01
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Quick takeaways
- Tax practitioners must ensure legitimacy of ERC claims to avoid audits and penalties.
- Preparers must consider entity type-specific forms and challenges in amending returns for ERC.
Deep dives
Tax implications of ERC
The podcast discusses the tax implications of the Employee Retention Credit (ERC). The IRS has imposed a moratorium on processing ERC applications, leading to potential audits of previously filed claims. Tax practitioners need to be aware of the downstream implications and requirements for filing amended returns for prior periods to claim the credit. The preparers must have a reasonable basis to support the claim, ensuring it is not fraudulent. They need to review supporting documentation, such as the 941x form and work papers, to justify the eligibility for the credit. Preparers should consider the potential risks and penalties associated with filing bogus claims.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode