Self-Study
Hot IRS Tax Examination Issues for Individuals and Businesses
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Wednesday, May 1, 2024 – Wednesday, April 30, 2025
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8.00CREDITSTaxes
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.
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
- 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