Eide Bailly Inspired Perspectives | IRS Hot Topics

Course Description: This webinar will discuss key developments over the last year in individual and business taxation. You’ll learn about the IRS’s current areas of focus in examination and appeals of interest to business owners. We will also briefly discuss the impact of the election on the IRS and potential upcoming tax legislation. In addition, we will explore updates and issues stemming from the COVID-19 outbreak 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. Explore 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. Analyze the new IRS rules regarding required disclosure of captive insurance. Define the IRS issues involving donor-advised funds and IP monetization