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Representing Clients in a Cash-intensive Business (MLC775Z)
Protect Your Clients’ Rights During an IRS Tax Audit for Unreported Income
Although the IRS audits about 1.2 million taxpayers each year the vast majority are correspondence audits. When a taxpayer is in a cash-intensive business the IRS uses special techniques to find unreported income. As a taxation practitioner, you must be cognizant of each of the methods the IRS uses to find a client’s unreported cash receipts.
This session with industry speaker Robert McKenzie will cover the minority of audits where the IRS personally contacts the taxpayer and ask to conduct an exam at their home or business.
IRS audit selection techniques
The use of Audit Technique Guides for cash-intensive businesses
Bank deposits method
Cash disbursements method
Cash T analysis
Net worth method
The practitioner role in the field exam process
Protecting your client’s rights during an exam
NASBA & IRS Category of Study: Taxes
Who Should Attend
CPAs and Enrolled Agents
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
Robert E. McKenzie is a Partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state tax agencies. He has lectured extensively on the subject of tax representation and has presented courses be...