• Course Information

    Title: Small Business: Avoiding Problems with the IRS
    Category: Taxation
    Field of Study: Taxes
    Course Code: T020-0429
    CPE Credits: 5.0
    Price: $43.95


This course takes an in-depth look at audit triggers from cash intensive businesses, the hobby loss rules, the proper classification of independent contractors and employees, and the requirements of the recent Tangible Property Regulations. This course also briefly reminds the practitioner of the requirements of some of the older red flags, such as meals and entertainment, travel, and the office in the home deduction. At the end of each chapter is an Action Plan, which the practitioner can use to develop procedures with respect to properly addressing these potential audit issues. By following these procedures, we can certainly go a long way to keep our clients out of trouble with the IRS and the DOL.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Definitive Tax Solutions

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 09/21/2020

Technical Details: Taxation is a technical field of study for all states.

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Section 1:      Recordkeeping and Cash Intensive Businesses
1. Identify taxpayers who are required to file a Schedule C.
2. Identify industries for which the IRS has published Audit Techniques Guides.
3. Recognize the important reasons for your clients' careful recordkeeping.
4. Recognize the techniques the IRS uses in an audit to identify underreported income.
5. Recognize businesses the IRS considers cash intensive, along with businesses that are possible opportunities for underground activities.

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QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00181-18-S

Profession Identifiers : CPA, EA

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