What Business Valuers Need to Know and What to Do if Audited by the IRS with 25 Golden Suggestions
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The IRS has recently undertaken some major initiatives in business valuation. Many of these relate to estate and gift tax and examination functions in the “Small Business Self Employed” and the “Large Business and International” divisions associated with BV. Michael Gregory examines those initiatives and guides analysts through successful negotiations with the IRS. Subscribers will learn 25 “golden rules” to help in resolving issues with the IRS.
- What the IRS intends to do:
- Quality audit;
- Quantity of returns; and
- Taxpayer bill of rights.
- National classification process.
- Local classification process.
- How are business valuation cases selected for examination?
- Are there any red flags in the IRS classification process that will guarantee an audit of your business valuation report?
- Ramifications at the IRS on BV audits.
- Outside of business valuation observations.
- Three IRS Job Aids.
- What has the IRS found out from court cases?
- Pertinent federal court cases on business valuation.
- Administrative and technical rules to help you with issues at the IRS and with others.
- Emotional, conversational, and listening intelligence.
- Twenty-five golden rules.
- How can you avoid an audit in the first place?
- When you research court cases by a specific judge on business valuation issues, what should you look for?
- What is the Columbo technique during an IRS audit?
- The IRS mission.
- Understand how the IRS looks at business valuations;
- Identify changes in IRS business valuation initiatives for 2021;
- Explore four adjustment areas on business valuation reports;
- Apply strategies for working with the IRS through 25 “golden rules,” which are updated from Mike’s book, Business Valuations and the IRS: Five Books in One; and
- Reference specific techniques that can be used to cooperate, collaborate and compromise.
Multi-User CPE Policy
Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CPE survey for this course.
CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).
- Prerequisites: Knowledge of Business Valuation
- Program Level: Advanced
- Preparation Required: None
- Delivery Method: Group Internet-Based
- Recommended CPE: 2.0 Credit Hours (Accounting – Technical)
Business Valuation Resources is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of
continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on
the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National
Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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