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IRS Enforcement and Audits against Cash-Based Businesses (MLC763A)
Avoiding IRS Enforcement and Audits against Cash-Based Businesses
With the tax gap growing larger and the IRS budget getting tighter, the IRS has continued to focus its limited resources targeting those industries where it believes the most abuse occurs. One of the most significant industries for IRS enforcement is cash based businesses.
This program by expert speaker Eric Green will review in detail which industries are most heavily targeted, what the IRS looks for during the examination—both before and after the exam notice arrives—and what practitioners should watch out for.
Finally, in order to verify reported income, the IRS is not limited to reviewing of a taxpayer's records and books. Specific income approaches and various alternative methods are allowed for the IRS examiners to use in order to propose adjustments. This session will help you understand the approaches used by the IRS and how practitioners should approach both the tax return preparation and the exam itself.
Which industries are most heavily targeted by the IRS
How the IRS recreates income without using the taxpayer’s records
What the IRS will focus on and which items on the return are most likely to be reviewed
Setting scope of examination with an IRS examiner
Return selection process and ways to avoid needless examination
How the IRS sets about testing cash received through indirect means
Issues that could trigger a referral to the IRS Criminal Investigation Division
NASBA & IRS Category of Study: Taxes
Who Should Attend
Nonprofit and profit organizations who deal with taxation related problems
Taxation and accounting companies and service providers who serve clients in tax preparation, controversy issues and tax planning
Students and faculty of taxation courses
Corporate leadership in closely held businesses
Taxation and accounting staff
CFO and controllers
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*Single User Price. For multiple users please call 1-800-223-8720
Eric Green is a partner in Green & Sklarz LLC, a boutique tax firm with offices in Connecticut and New York. The focus of Attorney Eric L. Green's practice is civil and criminal taxpayer representation before the Department of Justice Tax Division, Internal Revenue Service and state Departme...
Disclaimer: The content herein does not represent any association between IRS and Eli Financial LLC. IRS neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.