You have completed only 0% of the video. Please continue watching the video.
Please don’t fast forward or alter the cursor of the video. You must watch entire video to get your CPE credits.

Before starting this self study progarm, please go through the Instructional Document.

Download

Course Details

Overview of Topics

  • What are the chances of audit for your clients?
  • Understanding the Audit Process
  • Which are various types of Audits?
  • How to deal with the auditor?
  • Appeals process, IRS Collections, and Factors in Selecting a Court of Original Jurisdiction.
  • Penalties for tax payers, preparers, and advisor.
  • Other Issues: Privileged communications, interest on underpayments, and refund claims.

Course Description

  1. This seminar will introduce the process from filing a tax return to the IRS audit, IRS Appeals, Collections and litigation at courts of original jurisdiction.  We will discuss the options taxpayers have at any point in the process with reference to real-life stories from the trenches. This course is ideal for CPAs, EAs, or other tax professionals.

Learning objectives

  • Describe the audit process from the initial filing of the return to collections.
  • Determine the options available to taxpayers at each stage of the audit process.
  • Ascertain risk factors to consider in determining the best course of action for the client.
  • Apply the soft skills needed when interfacing with the IRS audit team to achieve the best possible result.

About Presenter

Allison McLeod, JD

Owner,Accounting Negligence

[email protected]

Allison M. (Yee) McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas in Denton, Texas. She has also taught at the UNT College of Law as an adjunct law professor. Prior to her career in academia, Professor McLeod spent 18 in industry, working for a Big 4 accounting firm. a major retailer and an international cement company. In addition to her academic duties, Professor McLeod has had the privilege of teaching ethics to Texas CPAs across the State since 2011 and regularly serves as an expert witness on accounting malpractice cases. She is the owner of CPAEthicsOnline.com, which provides ethics CPE courses online for CPAs nation-wide. She occasionally serves as an expert witness in accounting malpractice cases.

Allison M. (Yee) McLeod, LL.M., JD, CPA, has served as an expert witness in multi-million dollar cases involving tax litigation and accounting malpractice. Professor McLeod also a full-time Senior Lecturer at the University of North Texas in Denton, Texas. Her courses include Ethics, Corporate Taxation, Tax Research and Financial Accounting. In addition to her academic duties, Professor McLeod has had the privilege of teaching ethics to Texas CPAs across the State since 2011 and regularly serves as an expert witness on accounting malpractice cases.

Review Questions

  • Question 1 : 00:17
  • Question 2 : 00:33
  • Question 3 : 00:50
  • Question 4 : 01:05
  • Question 5 : 01:25
  • Question 6 : 01:45
  1. Which of the following statements below are FALSE?
  2. Which of the following are NOT a best practice in dealing with an IRS auditor?
  3. 3. Which of the following are factors the IRS considers in determining whether to grant an Offer-in-Compromise?
  4. 4. Which of the following defenses can a taxpayer use in order to defeat an accuracy-related penalty under Sec. 6662?
  5. 5. Which of the following is FALSE with respect to the statute of limitations?
  6. Fred, an independent CPA, has been engaged to prepare 1099 forms for a start-up ride-hailing company, Guber, Inc. Unbeknownst to Guber, Fred never sends out the Forms 1099 although he represented that he had. Which of the following may be a repercussion to Fred?
  1. Anvil Corporation has its tax return prepared by the J & S CPA firm. The Firm’s managing partner typically signs the tax return as preparer. Anvil hired Shawkat, an independent CPA from another firm, specifically to determine whether Anvil is entitled to take certain business credits. Shawkat prepares a calculation which J & S incorporates into the tax return for the year. Which of the following is true?
  2. 2. Giselle forgot to file her 2005 tax return. Which of the following is true?
  3. The IRS has asserted a substantial understatement penalty of 20% of the additional liability after auditing Nicholas’ tax return. Which of the following actions will help Nicholas defeat the penalty?
  4. 4. Which of the following statements are false with respect to IRS collections?
  5. Which of the following is true with respect to the 30 day letter?
  6. Which of the following is advisable in working with the IRS during an audit?
  7. 7. Lois has received a letter from the IRS asserting that she failed to report the sale of some stock. She is assessed additional tax, penalties and interest in this letter. This is an example of which of the following?
  8. Eric was contacted by an IRS agent and was requested to attend a meeting at the local IRS office. He was asked to bring many of his business records to the meeting. This is an example of which of the following?
  9. Lara is a self-employed individual who reported gross revenues of $170,000 on here Schedule C. She also claimed charitable deductions of $34,000, which is far above the average for this industry and level of income. Which of the following red flags has Lara implicated that will increase her chances of being audited?
  10. Tommy Corporation has submitted a protest in response to the Revenue Agents’ Report and 30 Day Letter. Tommy has requested that the contested issues be sent to IRS Appeals. Which of the following statements are true?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to [email protected] in case of any self study program queries.

Testimonials

4.8 (4)
80% Complete (danger)
75%
80% Complete (danger)
25%
80% Complete (danger)
0%
80% Complete (danger)
0%
80% Complete (danger)
0%

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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 final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

  • Cost $20
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-T-00088-19-S
  • CTEC Course ID 6273-CE-0096
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date November 21 ,2019
  • Published Date December 27 ,2019
  • Who should attend? Enrolled Agent Tax Practitioners Accountant Business Owner CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm Tax Pros CPA (Industry) Auditors Tax Firm Young CPA CPA in Business Outsourced CFO Senior Accountant
  • Handout Material Download
  • Key Terms Download