Tax Cluster: IRS Tax Examinations and Hot Issues - A Virtual Event
Overview
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Due to IRS issue focused examinations, Accounting and Finance Professionals need to understand what types of returns are selected for examination and ways to help clients survive an IRS audit with little or no change. As a result of issue focused examinations, Accounting and Finance Professionals must understand what the high audit risk area issues are and what the IRS is focusing on when a return is examined. In addition, because tax-related identity theft is a common issue for many taxpayers, it is critical for Accounting and Finance Professionals to understand the procedures necessary to resolve this matter for their clients.
This course qualifies for IRS credit.
Highlights
- Coverage of the Inflation Reduction Act of 2022
- Criteria that the IRS uses to select returns for examination
- Vehicles, meals, and virtual currency considerations
- Worker classification determinations on who is an employee and who is an independent contractor
- S corporation officer’s reasonable compensation issues
- Responsibilities to pay the employment taxes when the business defaults
- Tax-related identity theft procedures
Prerequisites
Experience in preparing individual and business tax returns
Designed For
Accounting and Finance Professionals in public practice who prepare tax returns and represent their clients on IRS examinations
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
Preparation
None
Leader(s):
Leader Bios
Gregory Carnes, University of North Alabama
Gregory Carnes is Raburn Eminent Scholar of Accounting at the University of North Alabama and also serves as MBA Program Director. He currently serves as Chair of the Education Committee of the ASCPA and as President of the North Alabama ASCPA chapter. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy, and Secretary of the American Taxation Association. Dr. Carnes previously served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers, and The CPA Journal. He is a contributing author on Federal Taxation and Corporate, Partnership, and Estate & Gift Taxation (Thomson Publishing), popular textbooks used in undergraduate and graduate taxation courses. His primary teaching interests are in Partnership Taxation and Taxation of Compensation and Benefits. He also authors material for CPA Excel, one of the nation’s leading CPA Review courses. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs, and the American Taxation Association. He has also provided tax training for national accounting firms and the AICPA.
Non-Member Price $195.00
Member Price $165.00