Description: On December 21st the IRS released final guidance and forms to repay incorrect ERC claims via voluntary disclosures and without penalty and with a 20% discount. A few weeks prior they previously released guidance on withdrawing 941-X forms that had not yet received a refund check. In this rapid-fire class Taxspeaker's ERC expert Terry Bakker CPA will walk you through the steps, the rules, the disclosures and the completed Form 15434, We will also illustrate what to do if the client is unable to repay the full amount of the original ERC refund.

Objective: At the conclusion of this course the student will understand how to withdraw a previously filed Form 941-X claiming an ERC refund that was later determined to be in error. The student will also learn how to repay incorrectly prepared ERC refund claims from 2020 and 2021 using new Form 15434.

• Prerequisites: None
• Hours: 2
• Field of Study: Taxes - 2
• Course Level: Basic
• IRS Number: DBWVH-T-00161-24-O