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, CPAs 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 CPAs in public accounting to understand the risk to clients and to themselves in tax return preparation and planning.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
CPAs in public practice who prepare tax returns and represent their clients on IRS examinations.
BENEFITS
- 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, virtual currency and fringe benefit considerations
- 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
- How the IRS holds persons other than an employer liable for unpaid payroll taxes -- the trust fund recovery penalty
- Understanding IRS Audit Techniques Guides and Compliance Campaigns
- Post-audit: the 30-day letter and the 90-day letter -- what they mean to the taxpayer
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in preparing individual and business tax returns
ADVANCE PREPARATION
None
ADDITIONAL NOTES