IRS Hot Topics

Description

This webinar will discuss key developments in individual and business taxation over the past year. You’ll learn about the IRS’s current areas of focus in examination and appeals of interest to business owners. We will also discuss the impact of the election on the IRS and potential upcoming tax legislation. In addition, we will explore updates on IRS Collections and changes to IRS procedures, including limits on information requests and examination enforcement. Learning Objectives Discuss the impact of new partnership audit rules in the post-TEFRA era, including electing to opt out or opt in. Assess the tax reform challenge and strategies and how the IRS is interpreting the latest strategies. Explore the status of IRS exam resources, including an update on the new LB&I campaign. Explain the process of an examination and the keys to presenting and protecting your evidence. Identify the issues commonly raised by the IRS, including conservation easements, captive insurance, reasonable compensation, large losses, material participation, and related party transactions. Discuss the IRS Global High Wealth exam team that audits high-wealth taxpayers. List the new IRS rules regarding the required disclosure of captive insurance. Define the IRS issues involving donor-advised funds and IP monetization.