This covers Federal business tax issues with the latest IRS developments affecting businesses, Inflation Reduction Act, what’s new in 2022, maxing out retirement, prior tax laws suspended now in play, properly accounting for QBI activities and related wages, the expanded information required on Schedule K-1, K-2, K-3s from Partnerships and S-Corporations, tax traps with more than one activity with at-risk basis and passive activities, the fine details of qualified improvement property (QIP), real estate depreciation, work opportunity tax credit, S-Corporation compensation issues under the rug, accountable plans, properly accounting for the major stimulus including the retroactive ERTC on Form 941-X, reporting tax credits, Cares act tax credits still available, tax-exempt income from PPP loan forgiveness and narrowing your scope of services related to PPP loan forgiveness.

Discuss what we need to focus on with individual tax issues, cover the latest IRS developments, Inflation Reduction Act, self-employed tax credits, what’s new in 2022 and 2023 compared to 2021, IRS tax pro accounts, recent Tax Court cases on individual tax issues, cancellation of medical debt taxation, new Form 1099-K tax issues, anticipated future IRS enforcement, anticipated IRS audit targeted issues, Form 7203 issues for S-Corp owners, tax basis considerations, controlling excess business losses, strategy for NOLs, PPP loan forgiveness lingering issues properly accounting for tax-exempt stimulus income, and the net investment tax.

This will cover the latest developments of the ERTC, how to prepare Form 941-X as well as provide a guide to how to determine when an employer qualifies, what wages are included in the credit, step-by-step how to calculate the ERTC, how to go back to claim the ERTC, contingency fees, overview of the the 3 IRS Tax Notices & IRS Rev. Proc. released this year on the ERTC, aggregation rules, maximizing 100% PPP Loan Forgiveness with ERTC, related tax forms and properly reporting ERTC for tax purposes, as well as the timing of reporting. When do wages for business owners, spouses and family qualify for ERTC. Gross receipts test examples for 2020 and 2021. ERTC aggregation rule. Employer size calculation for 2020 and 2021. How ERTC qualified wages includes employer paid health insurance. Calculation examples of qualified wages plus employer paid health insurance. Overview of current payroll tax forms related to ERTC (Forms 7200, 941 & 941-X). Step by step how to complete Form 941-X for ERTC purposes.

Overview of current payroll tax forms related to ERTC (Forms 7200, 941 & 941-X). Step by step how to complete Form 941-X for ERTC purposes. Step by step how to complete Worksheets 2 & 4 for Form 941-X. Overview of items to complete on Form 941-X. NOTE:  On ERTC materials page you will find 941-X instructions highlighted for the areas that apply to ERTC. Review actual full example of preparing Form 941-X with step-by-step tutorial accompanied with the worksheets and Forms used.