WLS02426: Hot IRS Tax Examination Issues for Individuals and Businesses (EXIB)

Description

Although the Inflation Reduction Act increased the IRS budget, Congress continues to battle about whether this funding will be continued. The IRS began replenishing its workforce with the additional funding only to have to terminate workers or lay them off due to mandated federal workforce reductions. The IRS trains its audit workforce by examining the tax returns of individuals and small businesses. As the IRS continues to examine tax returns, 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.

Objective

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

Advanced Preparation

None

Required Knowledge

Experience in preparing individual and business tax returns

Who Should Attend

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

Credit Types

CPE – Taxes