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Description Tax Return Project 2 – Plummer Prepare a list of twelve (12) deductions shown on the return that you want to audit. For each of these deductions that you list, provide a one or two sentences for each explaining why you have identified the deduction. In other words, explain why you feel there is a possibility the deduction may be improper/non-deductible, excessive/not reasonable, etc. Prepare a list of five (5) income items shown on the return that you plan ask about during your interview of the taxpayer or his representative. For each item, explain in one or two sentences why you selected these items and what inferences you are drawing from the amount of income, from the manner in which it is reported, from the label that is placed on it, from the category of income it falls under, etc. 3 attachmentsSlide 1 of 3attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview Balian Law Group Tax Planning · IRS & Tax Court Representation · Trust & Probate Litigation John M. Balian, Esq., M.S. Tax Certified Taxation Law Specialist Board of Legal Specialization, State Bar of California ___________________________________________________________________________________________ 16133 Ventura Blvd., Penthouse Suite Encino, California 91436 Tel: (818) 776-2000 E-mail: jb@bbblaw.com This seminar hand-out is designed to provide our colleagues general information regarding the subject matter covered. It is not designed to take the place of legal, tax accounting, or professional tax advice. Sensitive Issue Audits I. First steps in audit representation – Identification of the Problems a. Review of tax return for unusual items 1. How are deductions or income labeled 2. Relationship of balance sheet to profit and loss 3. Year to year comparison – % change 4. Ratio analysis i. Gross profit ratio – compare to industry norms ii. Individual expenses as a % of income 5. Testing for economic reality of 1040 – was there enough income to support mortgage, property tax and normal living expenses b. Do a Bank Deposit Analysis 1. Are some of the deposits loans, gifts, transfers in from other accounts c. Life Style 1. Do your own “drive-by” assessment of the residence and residential area (the IRS will) 2. Do a quick monthly budget (any private school costs?) 3. Does the client have any hobbies, interests, pursuits outside of work that costs money (boating, flying?) Note: The IRM no longer permits routine Life Style Audits. Unreported income must be an issue in order to ask the life style questions. d. Do a Quick & Dirty Net Worth Analysis 1. Also investigate your own client i. Public Records search for corps, LLCs, DBAs, business licenses, properties, law suits, etc. a. What to do if client was not truthful with you? b. How do you get out of the engagement ethically? II. Exposure – Client’s and/or Yours A. Accessing Potential for Changes in the Government’s Favor 1. Tally up potential audit changes & prep client for the possible worst case 2. Is there 20% negligence penalty or 75% civil fraud penalty potential B. Did the Client Just Make You a Consultant – Do you know too much? 1. Will your knowledge hurt the client? a. Was there a need for Attorney-Client Privilege earlier in the case? 1 i. Now that you’ve uncovered so much damaging information, can you be called to testify against your client * No – if still a civil audit (Cir. 230 grants limited accountant privilege in non-criminal & non-tax shelter matters. * Yes – if criminal tax investigation or tax shelter b. Working under the Attorney-Client privilege i. The “Kovel Letter” – accountant essentially becomes staff member of attorney’s office for this engagement ii. Payment of Fees by Client to Accountant O.K. if under Kovel Letter 2. What if the IRS asks you a difficult question you don’t want to answer i. Can you say, “I don’t know” – puts you at risk if not true ii. Don’t make yourself the target - The Martha Stewart Problem: Title 18 United State Code section 1001 “…whoever, in any matter within the jurisdiction of the executive, legislative, or judicial branch of the Government of the United States, knowingly and willfully— (1) falsifies, conceals, or covers up by any trick, scheme, or device a material fact; (2) makes any materially false, fictitious, or fraudulent statement or representation; or (3) makes or uses any false writing or document knowing the same to contain any materially false, fictitious, or fraudulent statement or entry; shall be fined under this title, imprisoned not more than 5 years…” iii. IRS can and will contact third parties to confirm the story Example: Housekeeper/babysitter on company payroll C. Is there Potential for Criminal Prosecution 1. Badges/Indicia of Fraud a. Actions to hide income & sophistication of scheme b. Actions to hide assets i. Off-shore entities ii. Assets in name of others (but client controls and benefits from the assets) c. Client’s education & training 2. What others (witnesses) know and or would say i. Ask about disgruntled employees, ex-spouses, ex-partners, people with an ax to grind or pending suits or known claims ii. What does the bookkeeper know – interview iii. What does the prior accountant know – interview iv. What do employees know - interview III. Consider Coming Forward A. IRS Policy of not prosecuting if taxpayer comes forward before IRS Criminal Investigation Begins 2 1. Filing Amended Returns – amending 1040s in the middle of a Corporate audit a. Risk of making admissions b. Carefully word the amended return Explanations Section i. No admissions ii. No false statements iii. Consider leaving blank if can’t do i. and ii. above 2. Don’t wait too long to come forward – taxpayers knowledge that an exemployee is about to turn him in to the IRS may be weighed in favor of prosecuting despite taxpayer coming forward before an IRS criminal investigation is commenced 3. Negotiating a Resolution with the IRS anonymously – almost no chance a. Attorney can run hypothetical fact pattern with IRS Criminal Division IV. Dealing with the Revenue Agent A. Can you respectfully decline the IRS’ request to interview the client 1. Why would you? 2. How do you? 3. The Summons Power B. Why the Agent wants a tour of the business – never know what will turn up C. What if the Agent insists on both the interview and a tour of the business D. Where will the audit take place 1. Your office – preferable 2. Client’s place of business – could be disruptive to client E. Dealing with Document Requests 1. Do you have to provide everything the IRS has asked for? F. Dealing with a Summons 1. What is a Summons – an administrative subpoena 2. Failure to cooperate with Summons a. IRS may enforce through federal court b. Court may impose civil fines or even jail time until taxpayer cooperates with court order to turn over documents V. Preparing for interview A. Mock interview is o.k. B. Molding client testimony in such as way that the testimony will be false or misleading is: 1. Obstruction of Justice - a felony 2. Corruptly Impeding the IRS’ Functions – a felony 3. Conspiracy to make a false statement or commit tax fraud ____________________________________________________________________________ John M. Balian began his tax career in 1986 as a Revenue Agent with the IRS in Los Angeles. Today, John's work focuses upon IRS audit, IRS appeals & U.S. Tax Court representation, as well as tax planning for business owners, investors, executives & plaintiffs. John litigates probate, trust and inheritance disputes in the Superior Court and functions as an expert witness in tax malpractice cases. John is an adjunct faculty member at CSUN where he teaches Federal Tax Procedure and is the faculty adviser to CSUN’s Bookstein Tax Clinic – a low income clinic in which undergraduate accounting and graduate tax students represent indigent clients with tax collection and tax audit issues. 3 This document was created with Win2PDF available at http://www.win2pdf.com. The unregistered version of Win2PDF is for evaluation or non-commercial use only. This page will not be added after purchasing Win2PDF. ACCT 542 Homework Project Spring Semester 2021 Accompanying these instructions is a mock 2014 tax return of Joe D. Plummer. This homework project has 4 due dates beginning next week and each week thereafter. I have highlighted the due dates below. Instructions Pretend you are an IRS Revenue Agent and have been assigned Mr. Plummer’s tax return for examination (audit). The return contains various entries which you will need to carefully examine. This is not a group project. You should email me your responses to the questions before each class begins on the dates specified below. The return was filed on 4/15/2015 and contains the following forms and schedules: Form 1040 & Schedules A, B, C & SE. It was prepared by the taxpayer himself on Turbo Tax. Assume it was filed with the IRS as you see it, even though it contains some missing information. Assume it was signed by the taxpayer, and had a W-2 attached to it issued by ABC Construction Corp., 555 South Victoria Ave., Ventura, CA and that the W-2 was for $1,500,000. Review Form 1040 and each schedule carefully. See if any of the information from one schedule might relate to another schedule – in other words, given what you see in one schedule, does that information correspond or conflict with information on another schedule. What makes this exam different from most of your past exams at CSUN is that there is no right and wrong answer. This project requires that you make certain inferences from the information you are provided and then make some factual assumptions or suppositions about the taxpayer, his lifestyle, his assets, his business dealings, his sources of income, his expenses, the nature of his business, the nature of his income, etc. This project requires you to use your common sense and everyday experiences, as well as your basic business, accounting and tax knowledge. What I am looking for most is your analysis, followed by the organization of your answers. 1) Prepare a written Pre-Audit Analysis as follows (due Feb 10 before class) : a. Identify and prepare a list of all the items on the tax return that appear to be strange, unusual, questionable, excessively large or excessively small in relation to other information on the return, etc. To do this, provide a one or two sentence explanation for each such item. That is, tell me why you identified the item & what the item tells you about the taxpayer (meaning, about his assets, about his income, about his standard of living/life style, etc.) Also, tell me if you are drawing any inferences from the dollar value of the item, how it is labeled/described on the tax return, how it is being reported or deducted. 2) Prepare an Audit Plan (due Feb 17 before class) a. Prepare a list of twelve (12) deductions shown on the return that you want to audit. For each of these deductions that you list, provide a one or two sentences for each explaining why you have identified the deduction. In other words, explain why you feel there is a possibility the deduction may be improper/non-deductible, excessive/not reasonable, etc. b. Prepare a list of five (5) income items shown on the return that you plan ask about during your interview of the taxpayer or his representative. For each item, explain in one or two sentences why you selected these items and what inferences you are drawing from the amount of income, from the manner in which it is reported, from the label that is placed on it, from the category of income it falls under, etc. 3) Document Request and Background Research (due Feb 24 before class) c. For each of the 12 deduction items and 5 income items that you have selected for audit, list in a few sentences list: i. What documents you are requesting that the taxpayer provide to you during the audit appointment(s) for each of the items you identified that you are examining/auditing. ii. What public records you will review before your interview to be armed with information so that you know whether the taxpayer or his representative is being truthful. iii. What internal IRS reports/transcripts can you review in order to determine if the taxpayer reported all of his income and to determine the source of his income in case the source is not clear on the return. iv. With respect to the 12 deductions, make one or two assumptions of what the taxpayer might tell you or the documents he might provide that would make the deduction entirely non-deductible (other than lack of proof of payment) or partially non-deductible. Tell me what your assumption(s) is/are and how that would influence the outcome of whether that particular expense is deductible. v. With respect to the 5 income items, make one or two assumptions about what the taxpayer might tell you about the source or nature of the income. In other words, give me one or two examples of what the taxpayer might say that may lead you to believe that: 1. there may be other unreported income 2. there may be related persons or entities whose information may shed more light on this taxpayer and/or his income from other sources. If so, a. what information or documents will you ask for relating to such related persons or entities. b. are there any related party documents you wish to review, if so please explain in one or two sentences what these documents might be and what they might reflect about the taxpayer, his business dealings, etc. 4) The Pre-Audit Phone Call (due March 3 before class) Assume that you will be using a classic investigative technique – the Surprise Phone Call. You call the taxpayer at his home or his work. You identify yourself, gently state that his 2014 return has been selected for review, and that you are calling to set up an appointment in the next few weeks to meet with him at his residence for a few hours. After he recovers from the initial shock of the news, you ask him if he has few minutes to go over some preliminary matters before you come out so as to help narrow your audit to no more than what is absolutely necessary. Assume he agrees to answer your questions. List fifteen (15) questions you would like to ask in order of importance to pin the facts down before the taxpayer gets a chance to speak to a representative. Remember, once he hires a representative, your questions will primarily be answered by the representative. Good luck and keep in mind the following general directives of the IRS: The mission of the IRS is to “Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.” This mission statement describes the IRS’ role and the public’s expectation about how the IRS should perform that role.    In the United States, the Congress passes tax laws and requires taxpayers to comply. The taxpayer’s role is to understand and meet his or her tax obligations. The IRS’ role is to help the large majority of compliant taxpayers with the tax law, while ensuring that the minority who are unwilling to comply pay their fair share. How this plays out in the tax audit world is as follows: 1. It is the Revenue Agent’s duty to help achieve the taxpayer’s compliance with the tax laws. 2. The Revenue Agent must be courteous but firm with taxpayers 3. When a tax issue can go either way, the Revenue Agent must protect the interests of the government. 4. Unless otherwise told to do so, a Revenue Agent must not spend too much time on matters that will not yield tax dollars for the government. 5. The Revenue Agent must try to close the case in 6 months or less when possible, and if that is not possible, he/she must articulate to management why additional time is needed. And these more specific guidelines from the Internal Revenue Manual [next page] Section 4.10.2.3 (08-01-2007) -- In-depth Pre-contact Analysis 1. The examiner is responsible for determining the scope of the audit, beginning with the issues identified by the classifier on the classification check sheet. The examiner must perform a pre-contact analysis including a thorough review of the case file to identify large, unusual, or questionable items (LUQs) beyond those selected on the classification check sheet. The examiner should take the following actions: A. Review the complete tax return including line items, credits, the balance sheet, elections and schedules, and any other items attached to the return. B. [omitted] C. Review internal and external data from the following sources: IRP Transcripts, Asset locator / people locator, and Internet Research. D. [omitted] --------------------------------------Section 4.10.2.3.1 (08-01-2007) - Large Unusual Questionable Items (LUQs) Defined 1. The definition of a large, unusual, or questionable item will depend on the examiner’s perception of the return as a whole and the separate items that comprise the return. Some factors to be considered when identifying LUQs are: A. Comparative size of the item — an expense item of $6,000.00 with total expenses of $30,000.00 would be a large item; however, if total expenses are $300,000.00, the item would not be generally considered a large item. B. Absolute size of the item — despite the comparability factor, size by itself may be significant. For example, a $50,000 item may be significant even though it represents a small percentage of taxable income. C. Inherent character of the item — although the amount of an item may be insignificant, the nature of the item may be significant; e.g., airplane expenses claimed on a plumber’s Schedule C. D. Evidence of intent to mislead — this may include missing schedules, incomplete schedules, misclassified entries, or obviously incorrect items on the return. E. Beneficial effect of the manner in which an item is reported — expenses claimed on a business schedule rather than claimed as an itemized deduction. F. Relationship to other items — incomplete transactions identified on the tax return. For example, the taxpayer reported sales of stock but no dividend income. G. Whipsaw issues — occur when there is a transaction between two parties and characteristics of the transaction will benefit one party and harm the other. Examples include alimony vs. child support, sale vs. rental/royalty, employee vs. independent contractor, gift vs. income. H. I. [omitted] Missing items — consideration should be given to items which are not shown on the return but would normally appear on the returns of similar taxpayers. This applies not only to the examination of income, but also to expenses, deductions, etc., that would result in tax changes favorable to the taxpayer. Tax Return Project 2 – Plummer • Prepare a list of twelve (12) deductions shown on the return that you want to audit. For each of these deductions that you list, provide a one or two sentences for each explaining why you have identified the deduction. In other words, explain why you feel there is a possibility the deduction may be improper/non-deductible, excessive/not reasonable, etc. • Prepare a list of five (5) income items shown on the return that you plan ask about during your interview of the taxpayer or his representative. For each item, explain in one or two sentences why you selected these items and what inferences you are drawing from the amount of income, from the manner in which it is reported, from the label that is placed on it, from the category of income it falls under, etc. Purchase answer to see full attachment Tags: accounting audit tax return project Gifts to charity theft losses employee expenses User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Rationale for the physical examination you perform for patient with diabetes mellitus?