Surgent's IRS Tax Examinations and Hot Issues
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.
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
Preparation
None
Leader(s):
Leader Bios
Deborah Phillips, Surgent McCoy Self Study
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie recently retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years, and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a textbook author. Debbie earned her master’s degree in taxation from Widener University.
Non-Member Price $199.00
Member Price $179.00