Learn how to properly manage an IRS audit and minimize any potential tax and penalty exposure.
Many taxpayers are audited by the Internal Revenue Service each year. Now that the Internal Revenue Service has received additional funding from Congress, the IRS has stated that they will conduct more IRS audits especially focused on high-net-worth individuals. We will discuss the audit triggers that can cause an IRS audit and how the IRS selects tax returns for examination. We will explain how the Internal Revenue Service Revenue Agents conduct an IRS audit and how someone representing the taxpayer should prepare for the audit. We will also discuss the process of an IRS audit and how to respond to the Internal Revenue Service revenue agents when they request documents and interviews with your taxpayer. We will also discuss how to appeal an audit if you cannot reach an agreement with the IRS Revenue Agent. We will explain the steps that you should take in order to win a favorable settlement for your taxpayer in the IRS appeals division.
We will also discuss how to handle civil audits when you believe that the taxpayer may have committed a federal tax crime that the Internal Revenue Service does not know about or has not discovered.
Learning Objectives
- You will be able to describe the Internal Revenue Service audit process.
- You will be able to discuss how to deal with an IRS Revenue Agent during and IRS audit.
- You will be able to explain how to deal with a civil audit in which the taxpayer has committed federal tax crimes.
- You will be able to recognize a criminal case vs a civil tax case.
Agenda
Can Positions That You Take on Your Federal Income Tax Return Trigger an IRS Examination
- Personal Use of Jets
- High Ratio Deductions
- Home Office Expenses
How to Prepare for an IRS Audit
- Pre-Audit Review of Tax Returns and Workpapers
- Review CPA Workpapers and Interview CPA and/or Taxpayer
How to Respond to IRS Request for Information During an Audit
- Bates Number All Documents Produced to IRS
- Provide a Written Narrative Explaining How the Records Tie to the Federal Income Tax Return
How to Handle IRS Requests for Interview
- Do You Allow Your Taxpayer to Be Interviewed
- How Do You Prepare Your Taxpayer for an Interview
Can You Settle an Internal Revenue Service Audit If You Cannot Agree With the IRS Revenue Agent
- File Protest With IRS Office of Appeals
- Settle Your Case Based on the Hazards of Litigation
Speakers
Robert C. Webb,
Frost Brown Todd LLC- Member of Frost Brown Todd LLC’s white-collar, tax, and business litigation practices in Louisville, KY
- Represents individuals and corporations in criminal tax fraud, white-collar, and commercial litigation matters
- Has led the defense of federal and state criminal offenses at the investigatory, grand jury, and trial levels in such areas as criminal tax fraud, mail and wire fraud, interstate transportation of stolen goods, criminal and civil RICO, health care fraud, criminal antitrust, money laundering, gambling, and environmental matters
- Successfully represented a former Kentucky government official in a major tax fraud and mail fraud trial, as well as executives in a health care fraud and grand jury investigation
- Conducted internal investigations for public companies and has extensive experience in counseling clients on voluntary disclosure issues
- Worked at the Department of Justice in Washington, D.C., in the Civil Tax Litigation Division, and was a professor at Bellarmine College where he taught federal taxation of entities
- Has written numerous articles regarding criminal tax and white-collar matters
- Wrote the Criminal Tax Practice Monograph for the University of Kentucky College of Law
- LL.M. degree in taxation, Georgetown University Law Center in Washington, D.C.
- Can be contacted at 502-589-5400, bwebb@fbtlaw.com, or http://www.frostbrowntodd.com/professionals-bob-webb.html
Who Should Attend
This live webinar is designed for accountants, controllers, bookkeepers, CFOs, tax managers, enrolled agents, and attorneys.
