Navigating IRS Corporate and High-Income Taxpayer Audits

This CLE/CPE webinar will review the IRS' latest campaign targeting high-income taxpayers, partnerships, corporations, and promoters. The panel will discuss the state of the current initiative, explain how to handle the IRS examination itself, voluntary disclosure options, current challenges facing taxpayers, and tactics to avoid penalties. The panel will also discuss key areas of focus where the IRS has detected abuse, such as digital assets, offshore structures, micro-captive insurance arrangements, syndicated conservation easements, and more.

The IRS has increased examinations and collection efforts specifically focused on high-income taxpayers, partnerships, and promoters. In addition, other enforcement initiatives will focus on compliance issues involving digital assets, reporting of offshore accounts, the use of offshore structures, and collection of back taxes owed by certain individual taxpayers.

The increase in funding under the Inflation Reduction Act has allowed the IRS to tap into the use of artificial intelligence and other new technologies to detect tax evasion, identify compliance threats, and improve case selection. This will certainly result in a high number of audit letters, civil and criminal investigations, and enforced compliance for some high net worth individuals and companies.

Tax professionals must identify critical issues for taxpayers who may be subject to IRS examination and implement strategies for managing these audits and minimize potential tax liability and penalties.

Listen as our panel discusses recent IRS enforcement actions, current challenges facing taxpayers, tactics to avoid penalties, and key areas of focus where the IRS has detected abuse, as well as offers concrete suggestions on managing IRS examinations and collection efforts, taxpayer rights, and other critical items.