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Description
The IRS reviews every estate and gift tax return and audits them returns at a far higher rates than income tax returns.
When a client return is chosen for examination and audit, an estate is subject to a very time-consuming and costly process. Understanding the steps in the process, the personnel involved, and the limits of what you can reasonably expect as part of a settlement are all essential to successfully concluding an audit.
It's also very important to understand how returns are selected for exam.
This program provides a practical guide preparing for and defending and audit and tips for reducing the risk of triggering an audit.
- Timeline, process, personnel and deadlines – understanding how an audit unfolds
- Common audit triggers and how returns are selected for examination
- Review of common issues on audit – FLP/FLLCs, defined value clauses, insurance policies and lifetime gifts
- Drafting responses and working with IRS personnel
- Determining the range of reasonable settlement proposals
- Important attorney-client privilege, statute of limitation, and evidentiary considerations