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How to Handle Top 10 Issues in IRS Small Business Audits

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: January, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Balance sheet
    16 mins
  • What is M-1
    21 mins
  • Personal items
    24 mins
  • Asset's not in name of business
    29 mins
  • Penalties
    45 mins

Course Description

According to IRS tax gap studies, small businesses account for 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 CPE 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 manuever around the issues when the IRS brings them up. After this webinar, you should have a better grasp on helping your client through the most common types of IRS audit problems that you will face.

Major topics covered in this Tax CE/CPE webinar:

  • Overview of IRS Audit Process and Steps.
  • The IRS interest 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.

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 on 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

Recommended For

  • This IRS-Approved CE course is recommended for EAs, Tax Prepares, Tax Attorneys, AFSPs, and other professionals’ interest or engaged in advising clients over IRS audit matters.
  • This CPE course is recommended for CPAs engaged in handling small business audits.

Who Should Attend?

  • Annual Filing Season Program
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Professionals

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0814)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00875-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00875-22-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00875-22-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) 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.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

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).

Faq

FAQs content

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Ratings and Review

4.6

27 Ratings

Excellent

18

Very Good

7

Average

2

Poor

0

Terrible

0

RMC

Rosalba Maravilla Ceja, AFSP, CRTP, EA, RTRP

May 12th, 2022

Excellent presentation

LS

Lydia Skinner, EA

Aug 12th, 2022

Very informative!

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