Hot IRS Tax Examination Issues For Individuals and Business

Description

Recently, the IRS has dramatically ramped-up its examination of individuals and small business taxpayers. Now, more than ever, CPAs need clients to understand the need for documentation and procedures to substantiate what IRS auditors 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.

Learning 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 Topics

* Schedule C and cash basis audit issues – the IRS has gotten very tough
* Vehicles, meals and entertainment, and fringe-benefit documentation
* Passive losses and passive income: in-depth understanding of hot IRS audit examination
areas
* What the IRS is looking at in partnership and LLC returns
* Selected industry-specific issues: construction, retail, food, bars, etc.
* S corporation flow-through and basis issues, including debt
* Post-audit: the 30-day letter and the 90-day letter – what they mean to the taxpayer

Provider
Surgent McCoy CPE LLC
Course Level
Intermediate
CPE Field of Study
Tax
8.0
Instructor(s)
Pamela Davis-Vaughn
Prerequisites

Experience in preparing individual and business tax returns

Advanced Preparation

None

Location

Colorado Society Of CPAs, 7887 E. Belleview Ave, Suite 200, Englewood CO 80111

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When
Oct 24, 2012
8:30 am - 4:30 pm
Location
Colorado Society Of CPAs, 7887 E. Belleview Ave, Suite 200, Englewood CO 80111
Total CPE Credits
8.0
Format
In-Person
Instructor
Pamela Davis-Vaughn

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Hot IRS Tax Examination Issues For Individuals and Business