According to IRS tax gap studies, small businesses account for largest segment of the $458 billion annual loss in tax revenue to the US Treasury, largely due to the underreporting of income and overstating of credits and deductions. As a result, the IRS field audit resources focus much of its audit activity on small businesses.
This course identifies which businesses the IRS mostly targets in small business audits. You will understand the scope of IRS small business audits and the issues the IRS targets in these examinations. Learn about the IRS’ audit steps in examining income and which records it expects in an examination.
This course will also help you prepare for your client’s small business audit. Preparation is critical to a successful outcome in your client’s small business audit. Get critical insight on preparing your client’s records for an audit and anticipating all of their questions and audit steps in the audit.
Who Should AttendAll tax professionals who have small business clients and want to be prepared in case their clients have an IRS audit.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Taxes (2 hours)