On July 21st, the Office of Chief Counsel at the IRS issued a memorandum to address noncompliance with ERTCs. The memorandum provides responses to various scenarios that employers have been trying to make to qualify as “eligible employers”. Companies have been trying to take advantage of supply chain disruptions during the pandemic to receive tax credits, even though they might not be eligible to receive tax credits. This problem has been placing auditors in uncomfortable situations, as auditors now need to consider NOCLAR with ERTCs as well as revenue recognition issues.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.
Jaclyn Veno, CPA, holds both a bachelor’s and a master’s degree in accounting from Clemson University. Before joining Galasso Learning Solutions, she has held previous positions in auditing with two top 10 CPA firms. Jaclyn has extensive experience developing both staff and interns including with working with overseas staff. She recently earned an Adult Learning Certificate and Instructional Design Certificate from the Association for Talent Development (ATD) and will be completing her Training & Facilitation Certificate this spring..
Do you believe that companies in the US will adopt these climate related disclosures?
