Description
Learn to identifying trends in correspondence audits, ensuring timely and appropriate responses to requests.
In recent years, the IRS has initiated approximately 750,000 examinations per year of which roughly 80 are correspondence examinations. In Fiscal Year 2022, the IRS recommended 8.3 billion of additional recommended tax in correspondence examination. Taxpayers are often confused or scared of responding to requests to submit documents to the IRS. This often results in the IRS disallowing expenses, credits, or potentially increasing income, simply by not receiving a response. This presentation will assist taxpayers and practitioners with identifying trends in correspondence audits, ensuring timely and appropriate responses to requests, and understanding the avenues to continue protesting, in light of a potential undesirable examination outcome. This program will also detail potential remedies if deadlines are missed.
Date: 2024-03-07 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe why the IRS engages in the practice of correspondence examinations and express the ways to fight for a just outcome for your client.
* You will be able to discuss the mechanisms available to respond to an IRS correspondence examination, including during the exam, appeals, and tax court levels if necessary.
* You will be able to identify opportunities to assist clients who did not respond to IRS correspondence letters and were (wrongly) accessed tax and penalties.
* You will be able to recognize the possible triggers on tax returns for correspondence examinations.