Description
The IRS Large Business and International Division is auditing high net worth individuals and their related entities, including partnerships, S corporations, trusts, and private foundations. The Wealth Squad, a highly-trained division of the IRS, is conducting these audits.
These examinations will target recently enacted and complex areas of taxation, including:
- Section 199A Qualified Business Income Deduction
- Section 163(j) Business Interest Deduction Limitation
- Section 965 Repatriation of Previously Untaxed Foreign Earnings
- Section 172 Net Operating Loss Deduction Refund Claims
- Required foreign reporting of trusts, bank accounts, assets, etc.
Although targeting specific areas, these are comprehensive audits covering most aspects of a taxpayer's tax return. Tax professionals working with high-wealth clients need to prepare for potential examinations and understand how to represent these taxpayers.
Listen as our panel of tax experts provides the latest information on these comprehensive audits, including the IRS selection process, information document requests, supporting documentation, audit adjustments, appeals, and litigation.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Date + Time
- event
Wednesday, May 15, 2024
- schedule
1:00 p.m. ET./10:00 a.m. PT
- The current IRS initiative
- The structure of the IRS
- The selection process
- Proactive preparation
- The examination process
- Appeals
- Litigation
The panel will review these and other critical issues:
- What is known about the current IRS selection process?
- Which taxpayers and transactions are being targeted?
- How can taxpayers best prepare for potential audits?
- What caveats should tax professionals be wary of when representing taxpayers during high net worth audits?
- When should a taxpayer go to appeals, and how does the current IRS appeals process work?
Learning Objectives
After completing this course, you will be able to:
- Determine the focus and priorities of the IRS "Wealth Squad"
- Identify the various factors that may lead to the auditing of a high-wealth or high income taxpayer
- Establish the information and documents to gather for IRS information document requests
- Ascertain that the taxpayer is fully prepared for high-wealth or high income taxpayer audits
- Recognize the various IRS operating divisions and how they interact
- Distinguish current IRS enforcement priorities from areas not currently prioritized
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.
BARBRI, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
