Advanced IRS Examinations: What the IRS Will Look at and Why? (Currently Unavailable)

Author: Eric L Green

Handle Complex IRS Audits and Aggressive Auditors
With less staff and more priorities than ever before, the IRS is pressed to do exams that show the potential to have significant results. This two-hour on-demand course with Attorney Eric Green will bring you up to speed on the latest statistics, and what the IRS looks at when it focuses on certain businesses, including cash-based businesses and Schedule C exams. IRS exams are getting more complex and auditors are coming armed with a range of tools to ensure an assessment results. In addition to discussing IRS issues, Mr. Green will discuss what to do when the client’s records may not be as stellar as you would otherwise like, and what you can and cannot do about it. Incomplete records don't mean the case is hopeless but it does mean you'll need to do extra work and have a story that meets IRS standards and precedents from Tax Court and Appeals.

Publication Date: September 2018

Designed For
All CPAs, EAs, and attorneys who represent clients on audit

Topics Covered

• The new nightmare of social media
• FATCA finally comes home
• Correspondence exams and issues
• Is this business a "business" or a hobby?
• Issues with cash

Learning Objectives

• Identify how to plan for IRS exams of small business clients
• Recognize and apply the latest IRS trends in audits
• Identify how to prepare for an audit with records that are incomplete
• Recognize which Act requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments
• Differentiate true statements with respect to correspondence exams
• Recognize issues with correspondence audits
• Identify the first factor (of the nine listed factors) in determining whether a hobby is an activity engaged in for profit
• Describe activities included on the right-hand side (i.e. cash expensed) of the T-account when using a Cash T-Account analysis
• Describe court cases found that bank deposits are prima facia evidence of unreported income
• Recognize which form is included as it relates to FATCA
• Identify what kind of copy for the IRS examiner is used in order to limit the IRS scope of a client's QuickBooks file
• Recognize the percentage of examined returns were examined by correspondence audit
• Identify the percentage Automated Correspondence Exams increased by since 2001
• Describe how the exam is aimed at correspondence exam is pre-refund
• Identify the no-response rate for correspondence exams
• Describe factual determination
• Differentiate the nine factors in determining whether a hobby is an activity engaged in for profit
• Recognize court cases found that the burden to show the IRS determination is wrong lies with the taxpayer

Level
Advanced

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Experience with federal income taxation of individuals and small businesses and IRS exam procedures

Advance Preparation
None