Description
Learn practice tips for representing clients that have been selected for examination.The IRS has made high net worth individuals living across the globe a primary area of focus for tax enforcement. Who are these individuals? Why is the IRS targeting them? What resources are being brought to bear by the government in these cases, and how does one minimize the potential harm if the IRS has you in its sights? This course will help U.S. tax practitioners advise their global high net worth clients on how to stay off of the IRS’s radar screen, as well as provide practice tips for representing such a client that has been selected for examination. Additionally, this course will cover what to do when a client has negligently or intentionally failed to meet their tax reporting obligations, but the IRS is not yet aware of the noncompliance.
Date: 2022-03-31 Start Time: End Time:
Learning Objectives
IRS Campaigns
• History of IRS Campaigns and Discussion of Current State
• Which Currently Active Campaigns Are Most Likely to Affect High-Wealth Taxpayers?
• Focus on High-Income Non-Filers Campaign
Global High Wealth Group: IRS Wealth Squad
• History of the Ghw Group
• Current State and Expectations for the Future
Audit Process Fundamentals
• What Are the Common Methods Used by the IRS to Identify Taxpayers for Examination?
• How Are Audits Conducted? • Required Steps, Rules of Engagement, and Best Practices
• What Are Some Common IRS Procedural Missteps That Can Benefit Taxpayers?
Common Areas of Audit Focus
• International Information Reporting (Including Fbars)
• TCJA Compliance
• Foreign Tax Credits
• Reportable Transactions and Required Disclosures
Voluntary Disclosure Options
• Delinquent International Information Return Submission Procedures
• Streamlined Submission Procedures
• Voluntary Disclosure Practice
AIPB ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Niles A. Elber-Caplin & Drysdale Attorneys, Melissa L. Wiley – Caplin & Drysdale Attorneys
