Although the IRS audits about 1.2 million taxpayers each year, the vast majority are correspondence audits. This class will cover the minority of audits where the IRS personally contacts the taxpayer and asks to conduct an exam at his or her home or business. When a taxpayer is in a cash-intensive business, the IRS uses special techniques to find unreported income. A practitioner must be cognizant of each of these methods in order to best advise their clients. After taking this course, you will be poised to offer the most effective and up-to-date strategies when representing clients to the IRS in face-to-face audits.
After completing this course, you will be able to:
- Identify IRS audit-selection techniques
- Apply the Audit Technique Guides to cash-intensive businesses
- Apply the bank deposits method, the cash disbursements method, Cash-T analysis, and the net-worth method
- Define the practitioner role in the field exam process
- Recognize how to protect your client's rights during an exam
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