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 importance of 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.

Learning 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.