Title: ERC Update and FASB ASU 2023-09 “Improvements to Income Tax Disclosures”
Date and time: Wednesday, October 23, 2024, 12:00 – 1:00 PM Central Time Zone
Registration link: https://us06web.zoom.us/webinar/register/WN_4iTlaUSWQbmoH_fTuVcArg
Description:
On June 24, 2024, the Internal Revenue Service (IRS) announced in its online newsroom the IRS planned to deny tens of thousands of improper high-risk Employee Retention Credit (ERC) claims on the basis of an IRS detailed review of high-risk claims. The Agency also admitted that the Employee Retention Credit is one of the most complex credits the IRS has ever administered. IRS Commissioner Danny Werfel further stated that the aim of such actions is to ultimately deny money to claims which are red-flagged and facilitate the transfer of funds to help taxpayers free of red flags on their claims. This webinar will update participants on IRS actions and announcements which have occurred since that early summer communication and provide insight from Lane Gorman Trubitt’s experience in helping the firm’s clients navigate terms and conditions of claiming, receiving and retaining the Employee Retention Credit.
On December 14, 2023, the FASB issued a final standard on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This webinar will present the main points underscoring the ASU’s disclosure requirements while highlighting requirements for public and non-public companies:
• Rate reconciliation disclosures.
• Income taxes paid disclosures.
• Considerations for materiality.
• Effective dates and transitions.
Prerequisites: Basic comprehension of US GAAP deferred tax concepts.
Learning objectives:
- Become aware of the significant red flags cited by the IRS which most likely will lead to ERC claims denial.
- Understand the environments and dubious consulting engagements from which many ERC claims were initiated and identify IRS-recommended means to self-report and self-correct.
- Determine which new ASU 2023-09 disclosure requirements may affect your company's financial statement presentation and disclosure.
- Identify quality best practices when applying ASU 2023-09.
Lane Gorman Trubitt webinar presenters:
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Kyle Pacheco, CPA (TX): As a partner in the Lane Gorman Trubitt assurance services department, Kyle is responsible for managing a team of more than 30 individuals. Kyle has experience with numerous types of jobs from single location reports to reports involving multi-level consolidations. He is also part of our research, training, and implementation team in charge of researching GAAP and analyzing new accounting pronouncements and how they will affect our clients, along with providing them with assistance on how to implement the new accounting pronouncements.
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Matthew Dobay, CPA (TX): Matthew leads the Lane Gorman Trubitt tax department and brings more than 15 years of professional experience to the firm, specializing in areas like corporate tax structuring, compliance, and long-term tax planning. He tailors strategies to align with each taxpayer's unique needs and meticulously presents tax adjustments as part of his comprehensive tax compliance responsibilities. Furthermore, Matthew spearheads complex research projects and proactive tax planning analysis throughout the year. Underpinning all his duties is a strong focus on client service, which Matthew further instills within the firm through effective supervision and training of staff, ensuring consistent delivery of top-notch service and fostering a culture of continuous learning.
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Requirements for CPE credit:
Participants who intend to claim the 1.0 hour of continuing professional education credit offered by this webinar are required to be logged in for a cumulative time of 50 minutes and answer three polling questions conducted at different moments throughout the webinar. Please note that the webinar will be locked at around ten minutes after the program starts.
Disclaimer:
This free webinar event is for educational purposes only and should not be construed as professional advice from the Institute of Management Accountants or Lane Gorman Trubitt. This includes any feedback provided by Lane Gorman Trubitt during the webinar's Q&A session. Registrants are encouraged to contact Lane Gorman Trubitt directly for professional advice about transactions and events specific to their business.
Please submit any questions to: james_lehman_pl@outlook.com.