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During this session Mike Gregory and Bryant Lancaster will provide you with a real world mock estate IRS audit example based on a case the two worked on together. After a couple of real world “war stories” and an initial introduction to IRS processes and procedures to help you understand the mock audit, Mike and Bryant will play the roles of the IRS business valuer and the taxpayer’s business valuer while narrating the process to help you understand what takes place. No two cases are the same with the IRS, but many of the elements are the same. You will gain real insight into the process and also receive 25 golden nuggets to take with you to help you resolve conflicts with the IRS and in other venues based on brain science. After presenting this well thought out practical exercise time will be left for any questions you have on what was presented.
Program Agenda
Introduction
Two real world examination examples to set the tone
Some quick background on the IRS
Official alternative dispute resolution and the IRS
Role of the IRS examiner
Role of the specialist
Who is the decision maker on an examination for an estate or gift
Key points for discussion
Who are you most likely to interact with in an estate/gift tax audit situation?
Historical perspective of E&G filings and audits
What is the classification process & how does it work for
estate and gift
Role of the IRS examiner and valuation specialist
IRS procedures
So what does the agent do?
First contact
IDR 12 Step process in LB&I
So what does the agent do?
How is the agent evaluated and why does that matter?
Mock Audit
Facts of case
DLOM
DLOC
Taxpayer adjusted appraisal
Discussions with IRS
Appeals process
Litigation setting and examples
25 golden suggestions
Learning Objectives
Anticipate how the IRS will act on their case
Explain the IRS estate and gift tax auditing process
Assess and calculate risk and develop alternatives to mitigate risk
Leverage what was learned in this mock IRS estate case audit should their valuation be audited
Recognize that things can go wrong and know what to do should they go wrong during a negotiation
Develop the case with their client to work towards a resolution that everyone can accept
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