The ERC Landscape with Hale Sheppard

07/29/24 • 54 min

This podcast episode features tax controversy expert Hale Sheppard discussing the latest developments and challenges surrounding Employee Retention Credit (ERC) claims. Sheppard provides insights into IRS audit processes, potential penalties for ERC promoters, and the complexities of defending ERC claims. The conversation covers recent IRS announcements, proposed legislation, and the long-term implications for taxpayers and tax professionals.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(01:30) - Discussing the Employee Retention Credit (ERC)
(02:02) - Introducing Guest Expert Hale Shepard
(03:06) - IRS Updates on ERC Claims Processing
(06:09) - Challenges in Documentation and Audits
(11:59) - Protest Letters and Legal Considerations
(15:53) - Patterns and Trends in ERC Audits
(21:13) - Impact of Delays and New Business Models
(25:45) - Legal Authority and Future Implications
(31:20) - The American Rescue Plan and Its Implications
(32:17) - Legislation and ERC Claims Cutoff
(36:23) - Promoter Penalty Investigations
(45:29) - IRS Guidance and Retroactive Challenges
(49:36) - Future of ERC and Beneficial Ownership
(52:34) - Final Thoughts and Thanks for Listening

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with Hale Sheppard
https://www.linkedin.com/in/halesheppard
https://www.chamberlainlaw.com/people-hale_sheppard.html

Connect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

Review
Leave a review on Apple Podcasts or Podchaser
Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(01:30) - Discussing the Employee Retention Credit (ERC)
(02:02) - Introducing Guest Expert Hale Shepard
(03:06) - IRS Updates on ERC Claims Processing
(06:09) - Challenges in Documentation and Audits
(11:59) - Protest Letters and Legal Considerations
(15:53) - Patterns and Trends in ERC Audits
(21:13) - Impact of Delays and New Business Models
(25:45) - Legal Authority and Future Implications
(31:20) - The American Rescue Plan and Its Implications
(32:17) - Legislation and ERC Claims Cutoff
(36:23) - Promoter Penalty Investigations
(45:29) - IRS Guidance and Retroactive Challenges
(49:36) - Future of ERC and Beneficial Ownership
(52:34) - Final Thoughts and Thanks for Listening

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with Hale Sheppard
https://www.linkedin.com/in/halesheppard
https://www.chamberlainlaw.com/people-hale_sheppard.html

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Previous Episode

Solving the Staffing Crisis in Accounting Firms

In episode, Jeff Phillips, CEO of Padgett and founder of AccountingFly, joins Roger Harris and Annie Schwab to discuss the challenges of recruiting and retaining talent in the accounting industry. They explore innovative solutions including remote work, offshore talent, and domestic freelancers as part of a new "talent stack" for firms. The conversation covers practical strategies for attracting candidates, evaluating talent, and building effective remote teams, offering valuable advice for accounting firm owners struggling with staffing issues in today's competitive job market.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Federal Tax Updates Episode 35
(02:19) - Introducing the Expert Guest: Jeff Phillips
(03:48) - Global and Industry-Specific Hiring Challenges
(06:02) - The Importance of Flexibility and Remote Work
(08:40) - The Value Proposition for Accounting Firms
(13:43) - Strategies for Effective Recruitment
(25:16) - Building a Modern Firm for the Future
(31:08) - Morning Routine for Business Success
(31:28) - The Pitfalls of Reactive Hiring & Effective Screening
(32:58) - The Importance of Selling to Top Candidates
(38:23) - Leveraging Offshore and Freelance Talent
(46:08) - Managing Remote Teams Effectively
(53:03) - The Future of Hiring in Accounting

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with Jeff Phillips
https://www.padgettadvisors.com/our-team
https://www.linkedin.com/in/jeffaccountingfly

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
Leave a review on Apple Podcasts or Podchaser
Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Next Episode

New Programs, Looming Deadlines, and Forum Insights

Roger Harris and Annie Schwab explore recent tax policy changes, including updates to voluntary disclosure programs and new IRS enforcement efforts. They discuss the ongoing challenges surrounding Beneficial Ownership Information reporting requirements and their potential impact on tax practitioners. The hosts also preview their upcoming live podcast recording at the IRS Tax Forum in Dallas, offering listeners a glimpse into this valuable industry event.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips