Self-Study

Surgent's Hot IRS Tax Examination Issues for Individuals and Businesses (EXIB)

  • Wednesday, May 1, 2019 – Thursday, April 30, 2020

  • 8
    CREDITS
    Taxes

The IRS has dramatically ramped up its examination of specific 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.

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

Highlights

  • Prepare now and protect yourself from new audit examinations, and what to do when there is identity theft
  • Schedule C and cash basis audit issues -- the IRS has gotten very tough
  • Vehicles, meals, and entertainment, and fringe benefit documentation
  • Passive loss rules and real estate professional status: in-depth understanding of hot IRS audit examination areas, including the Section 199A provisions as they pertain to rental real estate
  • What the IRS is looking at in independent businesses with loss histories
  • How the IRS holds persons other than an employer liable for unpaid payroll taxes -- the trust fund recovery penalty
  • Selected industry-specific issues, including construction, retail, food, bars, and business consultants
  • Post-audit: the 30-day letter and the 90-day letter -- what they mean to the taxpayer

Additional Information

Designed For

CPAs in public practice who prepare tax returns and represent their clients on IRS examinations

Vendor

Surgent

Advanced Preparation

None

Credits

8.00 Taxes

Prerequisite

Experience in preparing individual and business tax returns

Course Number

1925440

Level of Knowledge

Intermediate

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