Hot IRS Tax Examination Issues for Individuals and Businesses

Description

The Inflation Reduction Act increased the IRS budget. As a result, the IRS continues to replenish its audit workforce. The IRS trains its audit workforce by examining the tax returns of individuals and small businesses. Now, more than ever, Accounting, Tax, and Financial Professionals need clients to understand the need for documentation and procedures to substantiate what IRS examiners are pursuing. Learn the high audit risk areas and ways to help clients survive an IRS audit with little or no change. It is critical for Accounting, Tax, and Financial Professionals in public accounting to understand the risk to clients and to themselves in tax return preparation and planning since the IRS continues to increase its audit coverage and is examining more taxpayers than it has in the recent past.

Highlights

  • Prepare now and protect yourself from new audit examinations
  • What to do when there is tax-related identity theft
  • Understanding substantiation requirements for travel, charitable contributions, vehicles, meals, virtual currency considerations, and tax-related identity theft
  • Gaining an in-depth understanding of IRS hot examination issues including passive loss rules, real estate professional status, and the Section 199A provisions as they pertain to rental real estate
  • Identify how the IRS holds persons other than an employer liable for unpaid payroll taxes, a.k.a., the trust fund recovery penalty
  • Understanding IRS Audit Techniques Guides and Compliance Campaigns
  • Recognizing the 30-day letter and the 90-day letter, including what the taxpayer’s responsibilities are

Objectives

  • Understand what the IRS is focusing on when auditing individuals and selected businesses
  • Identify the hot examination issues that the IRS is focusing on to help clients reduce their exposure to additional tax assessments
  • Determine strategies for dealing with IRS examiners and presenting your clients’ tax positions in the best light possible

Designed For

Accounting, Tax, and Financial Professionals in public practice who prepare tax returns and represent their clients on IRS examinations

Leaders

Michael Reilly

Michael E. Reilly, CPA, is a sole practitioner with offices in West Chester, PA.

In addition to maintaining his practice, Mr. Reilly has been an adjunct professor at several colleges and was a visiting professor of Economics and Business at Lafayette College. He was also the CFO for a large insurance agency in Delaware County, PA, and was a licensed insurance agent in Pennsylvania.

Mr. Reilly earned his bachelor's degree in business administration with an accounting concentration from Temple University and his master of taxation degree from Villanova University School of Law. He also holds the Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU) certifications. In 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.