Course Information
Small Business: Avoiding Problems with the IRS
Course Information
| Title: | Small Business: Avoiding Problems with the IRS |
|---|---|
| Category: | Taxation |
| Field of Study: | Taxes |
| Course Code: | M203 |
| CPE Credits: | 5.0 |
| Price: | 43.95 |
Description
Description:
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
Course Details
Category: Taxation
Field of Study: Taxes
Passing Score: 70%
Technical Details: Taxation is a technical field of study for all states.
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Objectives
Objectives:
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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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: IRS credit for Enrolled Agents.
Profession Identifiers: CPA, EA