Original program date 5/5/2022
The IRS reviews every estate and gift tax return and audits them 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 will provide you with 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
Note: This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for GAL Certification, ethics, elimination of bias or Kansas credit.