Topics covered include: Various ways small businesses commit tax fraud; Red flags that could be indicative of tax fraud; Types of Tax Fraud; Tax Avoidance vs. Tax Evasion; Common Income Tax Frauds; Current cases from the news will be presented for discussion; Failure to Pay Federal Excise Taxes; Tools for Detecting Tax Frauds; Internal Controls. Upon completing this course, you should be able to: Identify common tax frauds committed by small businesses; Recognize the various ways small businesses commit tax fraud; Identify types of tax fraud; Identify red flags for tax frauds; Differentiate how various types of tax frauds apply; Identify situations where business owners commit fraud; Recognize tools for detecting tax frauds attempting to reconstruct gross revenue rather than adjusted income; Differentiate code sections prescribed by the penalties for attempts to evade or defeat tax; Describe how many billions per year tax evasion costs the U.S. Treasury; Recognize the largest component of the underpayment is uncollected in taxes each year; Identify tools used to detecting and preventing fraud; Describe the prison time for an individual convicted of conspiracy to commit offense or defraud the United States.