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How to Handle the Top 10 Issues in an IRS Small Business Audit

 
Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 0 CFP® N/A

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $52 for Members and $64 for Nonmembers
 
Summary
According to IRS tax gap studies, small businesses account for 40% of the $450 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 focuses much of its audit activity on small businesses, especially in field audit examinations.

This on-demand webinar identifies which businesses the IRS mostly targets in small business audits. You’ll 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 on-demand webinar 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, including how to provide a copy of your client’s electronic files to the IRS agent.

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Describe the reasons for compliance focus on small businesses.
  • Explain the Top 10 IRS audit focus areas for small businesses.
  • 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.

Presenter: James Buttonow, CPA
Jim Buttonow, CPA, CITP, is a 20-year IRS veteran and a leading expert on IRS practice and procedure. While with the agency, Jim led multifunctional teams across the U.S. in the areas of examination, collection, filing and appeals. After leaving the IRS, Jim worked to represent hundreds of taxpayers before the IRS.

Today, Jim is cofounder and vice president of New River Innovation, where he is chief architect of Beyond415®, the Web-based system for IRS practice and procedure. Jim regularly speaks on compliance trends and post-filing practice efficiency strategies for CPA and accounting firms, and his education-based articles have appeared in the Journal of Accountancy, Accounting Today and various state CPA society magazines. In 2012, Accounting Today named Jim one of the Top 100 Most Influential People in Accounting.

 

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