IRS Tax Forum

It has been a busy week. At the Tax Forum I learned that IRS will be hiring 4000 to 6000 new Revenue Agents, Office Auditors and Revenue Officers this year and another 2000 next year. They probably will look at small corporations, partnerships and Limited Liability Corporations.

In the past, these entities did not get audited very often. I think the IRS will look at the tax basis the partners have in these entities. A simple definition of basis is how much money you have at risk. Also, I attended a session on Examination Audit Tools. In this session they covered what IRS maybe looking for in an audit. I attended a session on ethics. They covered different situations where a tax preparer can have their license suspended or revoked. I attended a session on S-corporations and learned more about how to do more tax planning with them. I spent some in the IRS e-services room an learned about the online newsletters and tax updates and creating a power of attorney online. Also I learned more about the IRS Oversight Board their function is to report to congress about changes for IRS.



This Saturday I will be giving a seminar for another company I am involved in called California Association of Licensed Professional Contractors Inc. (Calpro). It is aimed at contractors looking to take part in rebuilding the country’s infrastructure.

The following Saturday I will be in San Diego giving this seminar again.

Comments

  1. AnonymousOctober 18, 2011 at 8:41 AM

    This kind of seminar is very useful for all types of businesses. Basic knowledge about taxation can come handy for businesses, especially for young entrepreneurs.

    -Carol Abrams

    ReplyDelete

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