Small Business Tax Frauds

Author: Robert K Minniti

When small businesses commit tax fraud they are usually trying to hide revenue and expense personal items as business expenses. In this course we will review the various ways small businesses commit tax fraud. We will discuss the red flags that could be indicative of tax fraud. Current cases from the news will be presented for discussion.

Publication Date: May 2021

Designed For
CFOs, CEOs, business owners, business managers, internal auditors, external auditors, corporate accountants, CPAs, CMA, CIAs and risk management personnel.

Topics Covered

• The Elements of Fraud
• Tax Avoidance versus Tax Evasion
• IRS Tax Frauds 2020
• IRS Dirty Dozen Tax Frauds 2020
• Small Business Entities
• Income Tax Fraud
• Other Common Income Tax Frauds
• Red Flags for Sales Tax Frauds
• Red Flags for Tax Frauds
• Tools for Detecting Tax Frauds
• Internal Controls
• IR”2018”245, December 7, 2018
• Title 26 USC §7201: Attempt to Evade or Defeat Tax

Learning Objectives

• Identify the red flags for tax fraud
• Identify common tax frauds committed by small businesses
• Recognize the reasons people commit tax fraud
• Recognize how keeping one set of books for the IRS and another for the business' owner is known as
• Identify what would not generate an IRS penalty
• Describe red flags for tax fraud
• Identify the Dirty Dozen Tax Frauds for 2020

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None