Successfully Dealing with the IRS Self-Study Webinar (3 Hours)

Overview: 

When dealing with the IRS, it’s not enough to be technically proficient and up-to-date on tax laws, regulations, rulings and court decisions. The IRS has had to change their approach to auditing due to budget cuts and retirements. Examinations of individuals, small businesses and large corporations are more focused on high-risk issues. As a result, tax and financial professionals need to understand the impact of the IRS shift in strategy, and be prepared to effectively manage an IRS audit. Through this insightful self-study webinar, you’ll benefit from:

  • A detailed explanation of how and why the IRS selects returns for audit
  • A description of the three phases of any IRS audit
  • A review of the hot issues for both individuals and corporate tax returns
  • Guidance on how to address penalties asserted upon audit
  • Learning various options for resolving the IRS audit
Objective: 

To provide CPAs and tax professionals with an overview of the IRS audit process, and practical suggestions for managing the IRS audit.

Emphasis: 
  • How and why the IRS selects returns for audit for:
    – Individuals
    – Small Businesses
    – Corporations
  • Best Practices for IRS interactions
  • IRS “hot button” audit issues
  • Expectations to/from IRS and the taxpayer for the audit process

Identify the divisions of the IRS and their respective responsibilities

Identify recent trends in the IRS’ audit rate of individual tax returns

Recognize the time frame in which the IRS will select a return for audit

Identify best practices for dealing with the IRS during an audit

Recognize those taxpayers most likely to be audited by the IRS

Identify the components of a Notice of Proposed Adjustment (NOPA)

Recognize recommended approaches to an audit by the LB&I division of the IRS

Identify when, during an LB&I audit, the audit team will determine the issues to be reviewed

Recognize the time frame in which a taxpayer may submit an informal claim for refund to the LB&I audit team

Recognize the subject matter of the most complex and time-consuming audits
 

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Price: 
$129.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
3.00
NASBA Field of Study: 
Taxes