Managing Complex IRS Audits of Large- and Medium-Sized Business Taxpayers

Description

Receiving an Information Document Request (IDR) from the Internal Revenue Service is stress-inducing, time-consuming and potentially costly. These requests generally signal the beginning of an audit or examination of a tax return. In cases where the IRS proceeds beyond a simple IDR to a full audit, the process becomes more complex. This can result in not only added expense in responding to the requests, but also significant legal and business implications that can produce unwanted future results if the taxpayer does not effectively respond.

The IRS has broad authority to carry out information requests and return examinations, but there are also significant limits on those powers that protect taxpayers undergoing an audit of a tax filing. Gaining a detailed understanding of the examination process, from the inception of an IDR through the more exhaustive audit and summons stages, will significantly benefit tax advisors to large- and medium-sized businesses in responding to IRS information requests. 

By knowing the audit process and the taxpayer protections built into the IRS directives for conducting audits, tax counsel and advisors can avoid mistakes that result in additional tax and sanctions.

Listen as our authoritative panel provides a thorough review of the IRS audit process, and discusses best practices for advisors to large- and medium-sized businesses for handling IRS information requests by outlining the taxpayer’s responsibilities and rights in an examination.