Top-10 IRS Small Business Audits

OVERVIEW

According to IRS tax gap studies, small businesses account for the largest segment of the $458 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 will look at the top 10 issues small businesses face when undergoing an IRS audit.
It will take a look at the audit from three perspectives -
1. The client
2. The practitioners, and
3. An IRS auditor.

We look at these common issues along with ways to maneuver around the issues when the IRS brings them up. After this webinar, you should have a better grasp of helping your client through the most common types of IRS audit problems that you will face.

WHY SHOULD YOU ATTEND?

If you are a small business owner in the United States, then you are likely familiar with the Internal Revenue Service (IRS) and the potentially daunting prospect of an audit. While audits can be nerve-wracking, they do not have to be. By understanding the most common issues that small businesses face during IRS audits, you can ensure that your business is prepared and equipped to handle any potential issues that may arise.

The IRS is increasing enforcement across the board. As we see more and more IRS audits, this webinar will look at common IRS issues that are being brought up. We will also look at how to successfully defend out clients when these issues do come up.

LEARNING OBJECTIVES

To recognize how to explain the Top 10 IRS audit focus areas for small businesses.
To describe common items that should be in an M-1 Account.
To discuss strategies to find issues in your GL before meeting the auditor.
To discuss how to manage personal items in GL.
To discuss issues faced by S Corps and C Corps if assets are not registered in their name.
To determine how poor records can lead to additional audits.
To differentiate between S Corp AAA vs. AE&P.
To discuss various applicable penalties and possible resolutions.
To determine how and when to go for an appeal.

AREAS COVERED

Major topics covered in this Tax webinar:

Overview of IRS Audit Process and Steps.
The IRS's interested in small businesses.
The IRS field audit process.
The top ten small business audit issues/targets.
Best practices in dealing with an IRS small business audit, including steps to prepare for the audit.

WHO WILL BENEFIT?

EAs, CPAs
Accountant
Tax Prepares
Tax Attorneys
Tax practitioners
Small Business Owners
Professionals interested or engaged in advising clients over IRS audit matters.

Purchase options

Option	Price
Recorded Link Only	$299
Recorded USB Only	$349
Corporate Recording (Upto 10 Attendees)	$599

*Training USB will be shipped within 7-10 working days. *Buy Now Pay Later option is available in the payment cart page.
*In case you're unable to attend the live session, we'll make sure you receive the recording promptly.

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Nicholas Preusch

Tax Manager at YHB CPAs

About speaker

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).