IRS Tax Examinations & Hot Issues Webcast [EXI4]

Subject:

Dec 11, 2024
Time: 08:30am-12:00pm
Taxation

Credit Hours:

4.00

Price:

Member: $155.00
Non-member: $225.00

Discussion Leader:

Deborah A. Phillips, CPA

Deborah A. Phillips, CPA, MST operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie has been extremely successful petitioning and resolving tax issues under the jurisdiction of the United State Tax Court. She is proficient in Section 199A provisions and computations as well as all aspects of the Tax Cuts and Jobs Act of 2017. She works with various CPA firms during tax season, preparing all types of tax returns. In addition, she utilizes her forensic accounting skills for tax preparation of clients involved in potential IRS criminal prosecution. Debbie retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a senior manager in the Flow-Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 32 years. She has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the operations and technical assistant to the Deputy Commissioner International, the technical assistant to the Director of PFTG, a territory manager in the Retail, Food and Pharmaceuticals Industry, a team manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 24 years as well as a textbook author. She regularly receives the Surgent Outstanding Discussion Leader Award due to her consistently high evaluations for knowledge and presentation skills. Debbie earned her master’s degree in taxation from Widener University.

Full Description

IRS Tax Examinations & Hot Issues Webcast (EXI4)

December 11th, 2024 / 8:30 am 12:00 pm

Live Webcast / Zoom

The Inflation Reduction Act increased the IRS budget. As a result, the IRS continues to replenish its audit workforce. The IRS trains its audit workforce by examining the tax returns of individuals and small businesses. Now, more than ever, Accounting, Tax and Financial Professionals need clients to understand the need for documentation and procedures to substantiate what IRS examiners are pursuing. Learn the high audit risk areas and ways to help clients survive an IRS audit with little or no change. It is critical for Accounting, Tax, and Financial Professionals in public accounting to understand the risk to clients and to themselves in tax return preparation and planning since the IRS continues to increase its audit coverage and is examining more taxpayers than it has in the recent past.

Major Topics:
- Criteria that the IRS uses to select returns for examination
- Substantiation requirements for travel, charitable contributions, vehicles, meals, virtual currency considerations and tax-related identity theft
- Understanding worker classification determinations on who is an employee and who is an independent contractor
- Distinguishing S corporation officers reasonable compensation issues
- How the IRS holds persons other than an employer liable for unpaid payroll taxes, a.k.a., the trust fund recovery penalty
- Tax-related identity theft procedures

Learning Objectives:
- Understand the IRS process for selecting returns for examination
- Identify the types of returns the IRS is examining
- Understand the hot examination issues that the IRS is focusing on to help clients reduce their exposure to additional tax assessments
-Determine if your client is a victim of tax-related identity theft and the procedures to use to resolve strategies for dealing with IRS examiners and presenting your clients tax positions in the best light possible

Designed For: Accounting and Finance Professionals in public practice who prepare tax returns and represent their clients on IRS examinations

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Experience in preparing individual and business tax returns

Acronym: EXI4

Discussion Leader: Deborah A. Phillips, CPA