Advanced IRS Examinations: What the IRS Will Look at and Why?

Authored by Eric Green
About this Course
Topics covered include: The new nightmare of social media; FATCA finally comes home; Correspondence exams and issues; Is this business a 'business' or a hobby?; Issues with cash. Upon completing this course, you should be able to: Identify how to plan for IRS exams of small business clients; Recognize and apply the latest IRS trends in audits; Identify how to prepare for an audit with records that are incomplete; Recognize which Act requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign; assets held by their U.S. account holders or be subject to withholding on withholdable payments; Differentiate true statements with respect to correspondence exams; Recognize issues with correspondence audits; Identify the first factor (of the nine listed factors) in determining whether a hobby is an activity engaged in for profit; Describe activities included on the right-hand side (i.e. cash expensed) of the T-account when using a Cash T-Account analysis; Describe court cases found that bank deposits are prima facia evidence of unreported income; Recognize which form is included as it relates to FATCA; Identify what kind of copy for the IRS examiner is used in order to limit the IRS scope of a client's QuickBooks file; Recognize the percentage of examined returns were examined by correspondence audit; Identify the percentage Automated Correspondence Exams increased by since 2001; Describe how the exam is aimed at correspondence exam is pre-refund; Identify the no-response rate for correspondence exams; Describe factual determination; Differentiate the nine factors in determining whether a hobby is an activity engaged in for profit; Recognize court cases found that the burden to show the IRS determination is wrong lies with the taxpayer.
$ 55.00
Add To Cart
NASBA Field of Study
Taxes
Level
Advanced
CPE Credits
2.0
Prerequisites
Experience with federal income taxation of individuals and small businesses and IRS exam procedures
Last Updated
11/05/2018
14814