Tax Audits of Cash-Based Businesses: Recognizing Red Flags and Specific Examination Techniques
IRS Audit Techniques Guide, Lifestyle Audits, Trade-Specific Examination Guidelines
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide tax advisers and professionals with a practical discussion of responding to and defending IRS audit examinations of closely held cash-intensive businesses. The panel will outline useful strategies for responding to examination notices, detail documentation response requirements, and describe the approaches the IRS generally employs in conducting an audit of a cash-intensive business.
- IRS audit focus on cash-intensive closely held businesses
- The potential audit “red flags” for owners of closely held cash-intensive businesses
- Audit Technique Guide guidelines for using “lifestyle analysis” of owners of cash-intensive businesses to determine possible under-reporting of income
- ATG business-specific areas of examination
- Strategies to protect against or defend IRS tax audits
- Ratio analysis techniques (horizontal and vertical)
- Dividends and salary
- An internal comparison of owner’s individual and business tax income tax returns to identify any potential red flags
The panel will review these and other critical topics:
- What are audit red flags for owners of cash-intensive businesses?
- How the IRS may use a “lifestyle” analysis of the owner of a cash-intensive business as a means of determining whether the owner has under-reported income
- Business-specific guidance listed in the IRS Audit Techniques Guide for examining various types of cash-intensive businesses
- Using ratio analyses to avoid potential audit red flags, as well as to respond to IRS audit requests
- Isolating financial data for the period covered by audit request
Anthony E. Parent
Parent & Parent
Mr. Parent is the founding partner of his firm, and has a tremendous amount of success in opt-out audits and FBAR... | Read More
Mr. Parent is the founding partner of his firm, and has a tremendous amount of success in opt-out audits and FBAR appeals. He represents U.S. taxpayers around the globe. He give numerous trainings on video and podcasts. He is a published writer, including The IRSMedic blog. He is quoted on tax issues in the national broadcast media. In 2012, he co-authored a business bestseller compilation Protect & Defend. He is currently finishing his first solo effort: IRS Confidential.Close
to be announced.
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