Hot IRS Tax Examination Issues for Individuals and Businesse

December 15th, 2023 - December 15th, 2023 @ 8:00am-4:00pm

Credits

Description

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

Major Subjects

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