IRS Tax Examinations and Hot Issues - Connecticut Society of CPAs

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 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, 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.

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

Highlights

Criteria that the IRS uses to select returns for examination

Substantiation requirements for travel, charitable contributions, vehicles, meals, virtual currency considerations and tax-related identity theft

Understanding worker classification determinations on who is an employee and who is an independent contractor

Distinguishing S corporation officer's reasonable compensation issues

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

Tax-related identity theft procedures

Designed For

Accounting and Finance 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.

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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