Hot IRS Tax Examination Issues for Individuals and Businesses

Overview

Although the IRS continues to lose its audit workforce due to budget cuts, it continues to examine specific individuals and small business taxpayers. Now, more than ever, Accounting and Financial Professionals need clients to understand the need for 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 and Financial Professionals in public accounting to understand the risk to clients and to themselves in tax return preparation and planning since the IRS has currently increased its audit coverage and is examining more taxpayers than in the recent past.

Objectives

Understand what the IRS is focusing on in auditing individuals and selected businesses

Help clients reduce their exposure to additional tax assessments

Determine strategies for dealing with IRS examiners and presenting your clients' tax positions in the best light possible

Highlights

Prepare now and protect yourself from new audit examinations, and what to do when there is identity theft

Understanding substantiation requirements for travel, charitable contributions, vehicles, meals, and virtual currency considerations

Gain an in-depth understanding of IRS hot examination issues including passive loss rules, real estate professional status, and the Section 199A provisions as they pertain to rental real estate

Identify how the IRS holds persons other than an employer liable for unpaid payroll taxes, a.k.a., the trust fund recovery penalty

Understanding IRS Audit Techniques Guides and Compliance Campaigns

Recognizing the 30-day letter and the 90-day letter, including what the taxpayer's responsibilities are

Designed For

Accounting and Financial Professionals in public practice who prepare tax returns and represent their clients on IRS examinations

Prerequisites

Experience in preparing individual and business tax returns

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Joel DiCicco, Surgent McCoy CPE, LLC

Leader Bios

Joel DiCicco, Surgent McCoy CPE, LLC

Dr. Joel DiCicco is a CPA with over 30 years of practitioner experience in finance, taxation, and accounting/auditing. For approximately 20 years, Joel worked for the IRS in increasingly responsible roles to become the Territory Manager for Financial Products. In this position, he worked and supervised the most complex and sophisticated tax structuring and valuation issues, utilizing many of the latest forensic techniques applied in tracking the true substance of transactions. His experience also includes serving on details as Territory Manager for both Global High Wealth and Large Business Employment Taxes. Dr. DiCicco has been a faculty member at Florida Atlantic University for over 15 years and is now a full-time instructor for the Graduate Executive MBA program teaching courses in accounting, finance, and taxation. Additionally, he lectures on Financial Risk Management and Derivatives as well as Financial Statement Analysis and Valuation for the Master of Science in Finance program. He is also the co-founder of the Center for International Business Valuation, which conducts training programs in valuation and data analysis. Dr. DiCicco earned his Ph.D. from Florida Atlantic University in Public Administration focusing on budgeting and finance. He also has two a Masters in Taxation from Florida International University and an MBA in Finance from Manhattan College. He is credentialed in valuation from both the International Society of Business Appraisers (ISBA) and the International Association of Certified Valuation Specialists (ISCVA).

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