Audits-Real Life Examples of Audit Trouble Shooting, Audit Negotiations, & Successful Audit
Author: Jane Ryder
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Even experienced tax preparers can use some new tips and tactics to improve their skills and for newer tax practitioners learning from others' mistakes can save you valuable time and money. This course will review several real life audits and their outcomes, all cautionary tales, to help educate and inform us on challenging audit issues. How about being asked for an "audit log" only once in forty years of practice and many, many audits? All were successfully defended during audit, even if we gave up a little bit of the expense. Audits are negotiations between the tax practitioner and the auditor, we've got some great examples of successful negotiations. Lastly, we'll discuss troubleshooting some problem audits for very favorable outcomes.
Publication Date: November 2024
Designed For
Tax practitioners who are offering audit services.
Topics Covered
- Examples of several business and rental audits and their specific issues
- Auto expenses under audit
- Issues an auditor is likely to be willing to negotiate
- Explaining tax issues to an auditor while advocating for your client
- The audit "narrative" presents the taxpayer in the most favorable light
- Audit troubleshooting, cranky auditors, unruly clients, lack of records, and other challenges
Learning Objectives
- Determine the main audit issues upfront and be prepared for them
- Recognize how to distinguish between reasonable expenses and questionable deductions
- Identify how to develop strategies for large amounts of unsubstantiated expenses such as Amazon and Costco
- Recognize how to discuss revising tax returns to submit to the auditor in negotiation
- Recognize how to understand the auditor's willingness to compromise on audit issues for successful outcomes
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
