Description

The Inflation Reduction Act of 2022 called for delivering nearly $80 billion to the IRS over 10 years to allow the IRS to purchase new technology and hire employees. This funding would have provided the IRS with new equipment and new employees, possibly to handle more audits, many of them involving very complex tax issues. The Trump Administration has reversed this with prospects for a reduction in IRS employees and less money to fund the purchase and development of new software.

This program discusses the current state of IRS audits. Trump administration changes will of course have enormous impacts on these audits going forward.

Instructor: Mike Tucker, Ph.D., LL.M., J.D., CPA

Target Audience

Accounting and finance professionals advising clients with respect to an IRS audit

Course Objectives

Thoroughly understand the current state of IRS audits

Advise clients regarding anticipated changes in upcoming IRS audits

Subjects

Impact of the Trump Administration on IRS funding

Reduction in IRS staffing

Potential reduction in IRS’s ability to process and audit tax returns

Status of IRS Direct File program

Auditing large corporations and partnerships

Audits of high income and high net worth individuals

Information document requests

What happens when a client agrees or disagrees with the IRS’s audit findings

The Dirty Dozen for 2025: roadmap to IRS audit issues