Hot IRS Tax Examination Issues for Individuals and Businesses

Overview

You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-2971. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

Although the IRS continues to lose its audit workforce due to budget cuts, it continues to examine specific individuals and small business taxpayers. Now, more than ever, Accounting and Financial Professionals need clients to understand the need for documentation and procedures to substantiate what IRS examiners are pursuing. Learn the high audit risk areas and ways to help clients survive an IRS audit with little or no change. It is critical for Accounting and Financial Professionals in public accounting to understand the risk to clients and to themselves in tax return preparation and planning since the IRS has currently increased its audit coverage and is examining more taxpayers than in the recent past.

Highlights

Prepare now and protect yourself from new audit examinations, and what to do when there is identity theft Understanding substantiation requirements for travel, charitable contributions, vehicles, meals, and virtual currency considerations Gain an in-depth understanding of IRS hot examination issues including passive loss rules, real estate professional status, and the Section 199A provisions as they pertain to rental real estate Identify how the IRS holds persons other than an employer liable for unpaid payroll taxes, a.k.a., the trust fund recovery penalty Understanding IRS Audit Techniques Guides and Compliance Campaigns Recognizing the 30-day letter and the 90-day letter, including what the taxpayer’s responsibilities are

Prerequisites

Experience in preparing individual and business tax returns

Designed For

Accounting and Financial Professionals in public practice who prepare tax returns and represent their clients on IRS examinations

Objectives

Understand what the IRS is focusing on in auditing individuals and selected businesses Help clients reduce their exposure to additional tax assessments Determine strategies for dealing with IRS examiners and presenting your clients’ tax positions in the best light possible