IRS Tax Audit Red Flags: Understand How To Survive an IRS Audit [Checklist]
EVENT DATE:
PRESENTER(s): Daniel J. Pilla
Being audited by the Internal Revenue Service is something every individual and business would like to avoid. While there’s no way to eliminate the risk, there are things you can do to minimize the chances of being audited. One of the most important is knowing what acts as audit red flags and may make the IRS want to take a closer look at your taxes.
During an audit, the IRS will ask you for information and documents that explain your position on your tax return. It’s important to provide the information just as the IRS requests it. If you have a licensed practitioner handling the audit, help your tax pro with the facts, and your tax pro will work with the IRS.
The IRS audits taxpayers to determine the accuracy of tax-related financial records, If you are being audited, the IRS will contact you by mail or telephone. Included in the notice will be the specific information that is to be examined and what supplementary documents you may need to present.
- Abatement of interest
- How Does an IRS Audit Work?
- The 3 key steps to controlling a face-to-face audit
- 4 Grounds rules to set with an auditor
- What constitutes adequate proof of a deduction
- Dealing with the 4 most common unreasonable IRS demands
- 5 Key negotiate strategies
- How to calculated the Assessment Statute Expiration date
- How to evaluate whether to sign a collection statute waiver
- How to reconstruct lost records
- Using affidavits to prove deductions
- The Cohan rule and how to use it
- Using your client’s own testimony to prove deductions
- When the IRS uses its summons power and how to avoid it
- How to read an examination report
- How to write a Protest Letter to appeal an audit decision
- What every tax pro needs to know about a Notice of Deficiency
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-T-00073-23-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
