Description:

Navigating IRS small business audits can be a daunting and complex process, fraught with potential pitfalls that can result in significant financial liabilities. Small businesses, frequently targeted by the IRS, often lack the specialized knowledge needed to handle these audits effectively.

Without proper preparation and understanding, small businesses are at risk of facing substantial penalties, interest, and other legal complications during IRS audits. Addressing these challenges proactively is crucial to safeguarding your financial interests and ensuring compliance with tax regulations.

Join us for an insightful webinar by former IRS attorney, Nicholas Preusch, CPA, JD, LLM, designed to equip small business owners, accountants, and tax professionals with the tools and insights necessary to navigate IRS audits confidently. Nick will dive into the top 10 issues commonly encountered during these audits and provide practical strategies to handle them effectively.

Whether you’re a small business owner, an accountant, or a tax professional advising clients, this webinar is essential for mastering the nuances of IRS small business audits and safeguarding your financial interests.

Session Objectives:

• Understand the IRS Audit Process: Gain insights into the IRS audit selection process and learn how to identify and mitigate potential red flags.
• Enhance Documentation and Compliance: Master best practices for record-keeping and documentation to ensure compliance and minimize audit risks.
• Resolve Common Tax Issues: Address frequent challenges related to business deductions, payroll taxes, and financial discrepancies.
• Develop Effective Audit Strategies: Learn proactive strategies for responding to IRS inquiries, handling audit requests, and negotiating effectively.
• Mitigate Financial Risks: Discover techniques to prevent penalties and interest through proactive compliance and professional representation.

Session Highlights:

• Understanding the audit selection process and identifying potential red flags.
• Clarifying documentation requirements and best practices for record-keeping.
• Addressing issues related to business deductions, including meals and entertainment, travel expenses, and home office deductions.
• Ensuring compliance with payroll tax obligations, including proper classification of workers and accurate reporting of wages.
• Handling discrepancies in financial statements and reconciling discrepancies with the IRS.
• Navigating the complexities of depreciation and amortization schedules.
• Resolving issues related to subcontractor payments and independent contractor relationships.
• Mitigating the risk of penalties and interest through proactive compliance efforts.
• Strategies for responding to IRS inquiries and audit requests effectively.
• Leveraging professional representation and negotiation tactics during the audit process.

Who Should Attend

• Accountants
• CPA
• Tax Preparers
• EA’s
• CFOs
• CEOs
• Financial Compliance Professionals
• Tax Attorneys

Speaker Profile:

Nick Preusch’s primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases. Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign. Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.