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

Overview

The Inflation Reduction Act increased the IRS budget. As a result, the IRS continues to replenish its audit workforce. The IRS trains its audit workforce by examining the tax returns of individuals and small businesses. Now, more than ever, Accounting, Tax, 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, Tax, and Financial Professionals in public accounting to understand the risk to clients and to themselves in tax return preparation and planning since the IRS continues to increase its audit coverage and is examining more taxpayers than it has in the recent past.

Highlights

Prepare now and protect yourself from new audit examinations
What to do when there is tax-related identity theft
Understanding substantiation requirements for travel, charitable contributions, vehicles, meals, virtual currency considerations, and tax-related identity theft
Gaining 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

Experience in preparing individual and business tax returns

Designed For

Accounting, Tax, and Financial Professionals in public practice who prepare tax returns and represent their clients on IRS examinations

Objectives

Understand what the IRS is focusing on when auditing individuals and selected businesses
Identify the hot examination issues that the IRS is focusing on to 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