STRATEGIES AND GUIDELINES FOR IRS INFORMATION REPO 2016 - Strategies for Handling IRS Audits: Be Prepared for an IRS Audit - By AtoZ Compliance

Website https://www.atozcompliance.com/trainings-webinar/banking-financial-services/accounting-taxation/stra | Edit Freely

Category Education; E-Learning

Deadline: July 26, 2016 | Date: July 26, 2016

Venue/Country: Online Webinar, U.S.A

Updated: 2016-07-01 20:51:46 (GMT+9)

Call For Papers - CFP

Know how to cover high-risk lines on the tax return and how to reduce that risk in case of an IRS audit.

Overview:

It is impossible to over prepare for a prospective or actual IRS Information Reporting Requirements audit. Item that will improve the probability of an Audit No Change to your tax return are adequate books, required substation of expenses thru document retention of records, and compliance with IRS Backup Withholding Requirements detailed record - keeping rules.

What are the chances of an IRS audit? One to two percent does not sound high-risk but items on the return can substantial increase your risk. Such as: income or asset class your company or certain lines on the tax return being outside the norm. For example: Travel & entertainment records are most always audited because there is very low compliance with IRS travel and entertainment record-keeping rules as described in IRS Regulations 1.274. Changes to T&E may result in dis-allowance of expenses, dividend of disallowed expenses to shareholders, or including expenses as wages in Form W-2.

Why Should You Attend:

So you are being audited, what to do? Prepare, prepare, prepare your books and substantiation documents whether invoices, receipts, contracts, or bank deposits. One audit step most always taken by Auditor, is analysis on bank deposits. The auditor will ask you to explain and document every tax deposit that has not been included in income.

Areas Covered In This Webinar:

Our first objective is to help you avoid an IRS tax forms audit. Should you receive an audit notice, we will provide you with guidelines to prepared documents and records for an IRS auditor’s visit

A companion objective is to reduce the risk of an extensive IRS best practices audit of travel, entertainment, wages, dividends, fringe benefits, and related areas

Our second companion objective is to provide you with guidance which will prevent the IRS from expanding the audit into an “Economic Reality Audit”

Lastly we will provide you with guidelines to appeal the Auditor’s findings should you disagree with the Auditor

Learning Objectives:

Types of IRS audits

Identifying IRS audit “red flags.”

Information Document Request (IDR)

Taxpayer Rights

Interview the Client and their Records

Pre-planning Hints

Develop a Plan and Follow the Plan

Agents Actions Which Are Negotiable

Access to Agent’s Work papers

Options When You Disagree with the Agent

Who Will Benefit:

Board Members

CEOs/CFOs

Compliance Professionals

Controllers

Finance Professionals

Internal Auditors

Income Tax Professionals

Persons Responsible for Due Diligence

Shareholders

For more information, please visit : https://www.atozcompliance.com/trainings-webinar/banking-financial-services/accounting-taxation/strategies-for-handling-irs-audits-be-prepared-for-an-irs-audit/greta-p-hicks/300091

Email: supportatozcompliance.com

Toll Free: +1- 844-414-1400

Tel: +1-516-900-5509

Level:

Intermediate

Speakers Profile:

Greta P. Hicks

Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems.

She is the author of "IRS Examination and Appeals Procedures" as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.

Greta has been active in the Texas Society of CPAs for 40 years and has served on the IRS Relations Committee, on the Editorial Board of the TSCPAs and was the Tax Editor of Today's CPA. Her activities for the Houston Chapter of CPAs included Coordinator of Houston's IRS/Practitioner Study Group, Relations with Taxing Entities Committee, Teaching Taxes Committee, plus the Spring EXPO and Tax EXPO Committees.