ACPEN: Unlocking the Value: IRS Tax Credits for Businesses & Individuals

Overview

This course explores federal tax credits available to both individual taxpayers and business entities. Participants will review how tax credits function within the federal tax system and examine eligibility requirements, documentation standards, and compliance considerations when claiming credits. The program discusses common credits available to individuals and businesses and reviews how recent legislation and IRS guidance have affected credit opportunities.
Through practical discussion and examples, the course addresses strategies for identifying and evaluating credits that may apply to various taxpayer situations. Participants will also review substantiation requirements, audit considerations, and common pitfalls that arise when claiming credits.

Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com

Highlights

• Overview of federal tax credits
• Refundable vs. nonrefundable credits
• Individual tax credits
• Business tax credits
• Eligibility requirements for tax credits
• Documentation and substantiation standards
• Recent legislation and IRS guidance affecting credits
• Planning considerations when evaluating tax credits
• Audit risks and compliance issues

Prerequisites

None

Designed For

Tax practitioners and financial professionals

Objectives

At the end of this course, you will be able to:

• Distinguish between refundable and nonrefundable tax credits
• Identify key federal tax credits applicable to individuals and businesses
• Evaluate the impact of recent legislation on available tax credits
• Determine documentation and substantiation requirements for claiming credits
• Apply planning strategies when evaluating tax credit opportunities
• Recognize common compliance issues and audit risks associated with credit claims

Preparation

None