When dealing with a cash business the issues surrounding the examination magnify. As of now, the IRS will delve into what was reported, but may have NOT been reported. This program will review what practitioners need to be considering when preparing for an examination of a cash intensive business.
Publication Date: November 2020
Topics Covered
- Preparer considerations
- Hot button issues
- Issues to consider when preparing returns
- IRS focus on cash businesses
- IRS audit techniques for cash businesses
- Considerations for appealing the exam
- Ethical Concerns
- Circular 230 Sec. 10.23 Prompt Disposition of Pending Matters
- Circular 230 Sec. 10.20 Information to be Furnished
Learning Objectives
- Identify how the IRS delve's into what was reported or NOT reported
- Recognize what practitioners need to be considering when preparing for an examination of a cash intensive business
- Identify those industries the IRS views as cash intensive
- Recognize the various techniques utilized by the IRS to identify unreported income
- Recognize hot button issues with respect to gross receipts
- Identify a method for misappropriating cash
- Recognize an indicator of underreported income
- Identify an IRS pre-contact planning consideration with respect to Schedule C
- Describe ethical concerns regarding prompt disposition of pending matters and information to be furnished under Circular 230
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Eric L Green
Eric is a partner in
Green & Sklarz LLC, a boutique tax firm with offices in Connecticut and New York. The focus of Attorney Eric L. Green’s practice is civil and criminal taxpayer representation. Eric is a past chair of the Connecticut Tax Bar and is a Fellow of the American College of Tax Counsel. He is a frequent lecturer on tax topics for national organizations, and is the author of The Accountant’s Guides to IRS Collection and Tax Resolution. He was the creator and lecturer of the CCH IRS Representation Certificate Program, and Eric runs
Tax Rep LLC, which coaches CPAs, EAs and attorneys to represent taxpayers. Eric was previously a columnist for CCH’s Journal of Practice & Procedure, and has the weekly Tax Rep Network podcast.