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
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NASBA Field of Study
CPE Credits
Experience with federal income taxation of individuals and small businesses and IRS exam procedures
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