How to Handle the Top 10 Issues in an IRS Small Business Audit
May 14 @ 1:00 pm – 2:00 pm EDT
According to IRS tax gap studies, small businesses account for the largest segment of the $688 billion annual loss in tax revenue to the US Treasury, largely due to the underreporting of income and overstating of credits and deductions. As a result, the IRS field audit resources focus much of its audit activity on small businesses.
This course identifies which businesses the IRS mostly targets in small business audits. You will understand the scope of IRS small business audits and the issues the IRS targets in these examinations. Learn about the IRS’ audit steps in examining income and which records it expects in an examination.
This course will also help you prepare for your client’s small business audit. Preparation is critical to a successful outcome in your client’s small business audit. Get critical insight on preparing your client’s records for an audit and anticipating all their questions and audit steps in the audit.
Learning Objectives:
- Describe the reasons for compliance focus on small businesses
- Understand the four phases of an IRS face-to-face audit.
- Recognize how to explain the top 10 IRS audit focus areas for small businesses
- Describe how to evaluate your client’s records and identify the critical records in every IRS small business audit
- Identify the steps to prepare for a small business audit
Delivery Method: Group Internet
Course Level: Basic
Field of Study: Taxes
Prerequisites: None
This course is approved for 1 CPE credit.
Note: CPE credit is offered for LIVE webcasts only (on-demand viewing is not eligible).
NASBA Approved. Sponsor # 103021.
Wolters Kluwer is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
New York note: Wolters Kluwer is a registered Continuing Education sponsor with the New York State Board for Public Accountancy, State Education Department. (Sponsor #000085) | Texas note: We have registered with the Texas State Board of Public Accountancy as a CPE sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE program. (Sponsor #000001). Please check with your State Board which has final authority on the approval of courses for CPE credit. The content presented during this webcast is for informational purposes only and should not be construed as legal or tax advice. ADP encourages you to consult with appropriate legal or tax professionals for circumstances related to your business.
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