TELESEMINAR: Defending Business Audits, Part 2 - A National Perspective
August 13, 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 2 of 2.
- Statute of limitations of limitation and extensions
- Issues common to S Corp audits, including unreasonably low compensation
- How audits involving employment taxes differ from other audits
- Penalties and interests, and opportunities for waver or abatement
- Settlements – defining what’s reasonable, negotiations, and closing agreements
- Appeals within the IRS from an examiner’s determination
Stephen J. Turanchik, Paul Hastings, LLP, California