Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 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
In this two-hour CPE course with highly regarded tax controversy expert Eric L. Green, Esq., of Green & Sklarz, LLC, you will receive an in-depth review of the current IRS focus, including which industries have seen the most activity and the techniques being employed by the IRS examiners.
Publication Date: October 2022
Designed For
CPAs, EAs, tax preparers who work with cash-based business clients.
Topics Covered
- Preparer Considerations
- Requirement to Make Reasonable Inquiry
- What about the QuickBooks File?
- Hot Button Issue
- Hot Button Issue Expenses
- Home Office
- IRS Focus on Cash Businesses
- Flags for the Government
- Sales Suppression Skimming Cash Sales
- Indicators of Unreported Income
- IRS Focus on Cash Businesses
- Cash Businesses Targeted
- IRS Pre-Contact Planning
- For Retail Businesses
- Additional Research
- Preparing for the Audit
- Taxpayer Interview
- Use of a Summons
- Use of Minimum Income Probes
- T-Account Analysis by Examiners
- Bank Deposits as Unreported Income
- Net Worth Analysis
- Digital Cash
- Focus on Industries
- Ethical Concerns
- Circular 230 Sec. 10.23 Prompt Disposition of Pending Matters
- Circular 230 Sec. 10.20 Information to be Furnished
Learning Objectives
- Recognize the potential areas subject to audit when a client is a cash-based business
- Identify how to prepare for an IRS audit of a cash-based business
- Identify a hot button issue related to expenses
- Identify the safe harbor amount per square foot for the home office standard deduction
- Identify the question that should be asked with respect to a taxpayer's Schedule A, with respect to IRS pre-contact planning
- Identify the tool or procedure the IRS will commonly use during an examination of a cash business
- Identify the general equation used to determine net worth
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of federal income taxation of individuals and businesses.
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.