IRS Tax Examinations and Hot Issues (4 hours - afternoon) - Webcast
Overview
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.
NOTE: This course qualifies for IRS CE (PTIN) credit. To receive IRS CE credit, please email your PTIN to profdev@orcpa.org at the end of the course. Surgent will report credit at the end of each quarter.
If you have questions, you can contact Professional Development at 503-641-7200, ext. 3 or email profdev@orcpa.org.
Highlights
- Criteria that the IRS uses to select returns for examination
- Substantiation requirements for travel, charitable contributions, vehicles, meals, virtual currency considerations and tax-related identity theft
- Understanding worker classification determinations on who is an employee and who is an independent contractor
- Distinguishing S corporation officer's reasonable compensation issues
- How the IRS holds persons other than an employer liable for unpaid payroll taxes, a.k.a., the trust fund recovery penalty
- Tax-related identity theft procedures
Prerequisites
Experience in preparing individual and business tax returns
Designed For
Accounting and Finance Professionals in public practice who prepare tax returns and represent their clients on IRS examinations
Objectives
- Understand the IRS process for selecting returns for examination
- Identify the types of returns the IRS is examining
- Understand the hot examination issues that the IRS is focusing on to help clients reduce their exposure to additional tax assessments
- Determine if your client is a victim of tax-related identity theft and the procedures to use to resolve strategies for dealing with IRS examiners and presenting your clients' tax positions in the best light possible
Leader(s):
Leader Bios
Arthur Auerbach, Tax Consultant, Art Auerbach CPA Tax Consultant
Arthur Auerbach, CPA, CGMA is an independent tax consultant located in Atlanta, GA, specializing in tax consulting and estate and financial planning for individuals and closely held businesses. He is affiliated with the Asbury Law Firm as a consultant. He is a member of the Georgia, Virginia, New York, and Greater Washington CPA societies. Art was appointed to the AICPA Tax Executive Committee for a three-year term beginning February 1, 2018, and ending May 31, 2021. Beginning in May 2021, Art was appointed to be a member of the AICPA Tax Practice and Procedure Committee. He is an active member of the Georgia Society of CPAs and serves on the Georgia Department of Revenue Commissioners Advisory Group, the Financial Literacy Task Force, and Leadership Council, in addition to chairing the GSCPA Federal State Tax Task Force. He is also a member of the Virginia Society’s Tax Committee. He has served as an advisor to the District of Columbia Office of Tax and Revenue and the Tax Commissioners Advisory group in Virginia. Art is currently on the editorial board of the Journal of Accountancy. Art is a nationally recognized speaker on a variety of tax topics offered for continuing education for CPAs and financial planners. He has authored several publications and articles. Art is licensed in Georgia, Virginia, District of Columbia, and New York, and he is a life member of the American Institute of CPAs.
(3/18/21)
Non-Member Price $245.00
Member Price $195.00