Audits of Cash Businesses (Completed)

When dealing with a cash business the issues surrounding the examination magnify. As of now, the IRS will delve into what was reported, but may have NOT been reported. This program will review what practitioners need to be considering when preparing for an examination of a cash intensive business.

Topics Covered

• How the IRS delve's into what was reported or NOT reported
• Review what practitioners need to be considering when preparing for an examination of a cash intensive business
• Discuss the various indirect audit techniques for identifying unreported income
• Review what schedules on the tax returns will be looked at prior to taxpayer contact by the IRS

Learning Objectives

• Identify how the IRS delve's into what was reported or NOT reported
• Recognize what practitioners need to be considering when preparing for an examination of a cash intensive business
• Identify those industries the IRS views as cash intensive
• Recognize the various techniques utilized by the IRS to identify unreported income

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None