IRS Tax Examinations and Hot Issues (EXI4)
Overview
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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
Criteria that the IRS uses to select returns for examination Substantiation requirements for travel, charitable contributions, vehicles, meals, virtual currency considerations and tax-related identity theft Understanding worker classification determinations on who is an employee and who is an independent contractor Distinguishing S corporation officer’s reasonable compensation issues How the IRS holds persons other than an employer liable for unpaid payroll taxes, a.k.a., the trust fund recovery penalty Tax-related identity theft procedures
Prerequisites
Experience in preparing individual and business tax returns
Designed For
Accounting and Finance Professionals in public practice who prepare tax returns and represent their clients on IRS examinations
Objectives
Understand the IRS process for selecting returns for examination Identify the types of returns the IRS is examining Understand the hot examination issues that the IRS is focusing on to help clients reduce their exposure to additional tax assessments Determine if your client is a victim of tax-related identity theft and the procedures to use to resolve strategies for dealing with IRS examiners and presenting your clients’ tax positions in the best light possible
Preparation
None
Leader(s):
Leader Bios
Joel DiCicco, Florida Atlantic University of Business
Dr. Joel DiCicco is a CPA with over 35 years of practitioner experience in finance, taxation, and accounting. For approximately 20 years, Joel worked for the IRS with increasing responsibility, leading to his position as territory manager for Financial Products. In this role, he worked and supervised the most complex and sophisticated tax structuring and valuation issues. He also served on details as territory manager for both Global High Wealth and Large Business Employment Taxes. Dr. DiCicco has been a faculty member at Florida Atlantic University for more than 15 years, and he is now a full-time senior instructor for the graduate executive programs, where he lectures in the areas of accounting, finance, and taxation. Joel serves on the Florida Institute of CPA’s Editorial Committee for CPA Today and the Accounting Principles and Auditing Standards Committee. In addition to his PhD from Florida Atlantic University in public administration focusing on budgeting and finance, Joel has both a MS in taxation from Florida International University and an MBA in finance from Manhattan College. He is credentialed in valuation, forensics, and management accounting.
Non-Member Price $234.00
Member Price $169.00