EXIB HOT IRS TAX EXAMINATION ISSUES FOR INDIVIDUALS AND BUSINESSES
Recently, the IRS has dramatically ramped-up its examination of individuals and small business taxpayers. Now, more than ever, CPAs need clients to understand the need for documentation and procedures to substantiate what IRS auditors 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 CPAs in public accounting to understand the risk to clients and to themselves in tax return preparation and planning.
Prepare now and protect yourself from new audit examinations from the Net Investment Income Tax
Schedule C and cash basis audit issues – the IRS has gotten very tough
Vehicles, meals, and entertainment, and fringe benefit documentation
Passive losses and passive income: in-depth understanding of hot IRS audit examination areas
What the IRS is looking at in businesses with loss histories
Selected industry-specific issues, including construction, retail, food, bars, etc.
Post-audit: the 30-day letter and the 90-day letter – what they mean to the taxpayer.
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
Designed For: CPAs in public practice who prepare tax returns and represent their clients on IRS examinations Level of Knowledge: Intermediate Prerequisite: Experience in preparing individual and business tax returns Advanced Preparation: None Credits: 8 Field of Study: Taxes(8) CFP Credit: No