TELESEMINAR: Defending Business Audits, Part 1 - A National Perspective
August 12, 2014
12:00 – 1:00 p.m.
1.00 MCLE hours
IRS audits of mid-sized businesses and self-employed business professionals individuals can be a very costly and time-consuming distraction. The audit, if not properly managed, can grow in the scope of issues involved, require the production of boxes of documents, and involve substantial time by the owners and/or mangers of the company. Representing clients in the progressive stages of an audits requires a practical understanding of the types of audits to which a business client may be subject, how they differ from each other, how to respond to the IRS and how to define reasonable expectations by a client and work toward closure of the audit or a settlement. This program will provide you with a real-world guide to representing a mid-size business or a self-employed individual in an IRS audit, including responding to the IRS, managing the stages of the process, and working toward closure, settlement, or on appeals. Part 1 of 2.
- Procedural and substantive framework of audits of mid-size businesses and self-employed individuals
- Types of audits – letter, field, office – and the implications of each type
- Common issues arising in audit – employment taxes, reporting in cash-based businesses, improper deductions
- Containing the scope of an audit over time and the role of an examiner’s discretion
- Essential preparation for an initial IRS interview, including document assembly and review
- Overall timeline of audits and deadlines
Stephen J. Turanchik, Paul Hastings, LLP, California