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Employee Retention Credit Notice 2021-49: IRS Drops and Detonates a Bomb

EMPLOYEE RETENTION CREDIT NOTICE 2021-49: IRS DROPS AND DETONATES A BOMB

Cost $25.00
Presentation Length 2.0 hours

Recorded DateOctober 11, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Out of the blue, the IRS has exploded onto the scene with Notice 2021-49.  What does it do?  It not only defines the world as we’ll know it for the 3Q and 4Q 2021 ERC, but also . . .   
 
In a huge, unexpected move, the IRS attempts to blow away the landscape by opining that more than 50% C or S Corp shareholder wages sometimes don’t count as ERC qualifying wages. But, irony of ironies, sometimes such wages do qualify.
 
Is the IRS’s new unsolicited opinion correct? That is for a court(s) of law to decide one day. The question on the table that’s worth tens of thousands of dollars: What do we do next? Do we accept the new altered landscape or challenge the IRS’s puzzling new stance? If we challenge, how do we do so?



Course Highlights:


  • Long-awaited IRS guidance on PPP, SVOG, and RRG effect on gross receipts

  • The latest on potential congressional meddling

  • New lay of the land for recovery startup businesses—This one is huge!

  • The IRS’s unsolicited view of the owner wage controversy—Some 50% owner wages count, others left out in the cold


 Learning Objectives:


  • Evaluate the IRS’s new Notice 2021-49

  • Identify the statutory language that created the “owner wage” controversy

  • Express approaches in response and consequences

  • Outline the punch list of ERC items the IRS did (or did not) clean up

  • Determine the new lay of the land for recovery startup businesses

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Bradley Burnett

Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
bradleyburnett10@gmail.com
(720) 936-6003

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Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.


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About Our Presenter

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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.