IRS Tax Examinations and Hot Issues (4 hours - afternoon) - Webcast

Overview

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.

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