The IRS defines a cash intensive business as one that receives a significant amount of receipts in cash. This can include restaurants, convenience stores, liquor stores and other businesses that handle a high volume of small dollar transactions. The IRS estimates that noncompliance by cash intensive businesses accounts for a significant portion of the annual tax gap. Therefore, it is not surprising that the IRS has an audit program designed to evaluate tax compliance for these businesses.

This webinar will introduce attendees to: (1) the Service’s various audit techniques for cash intensive businesses; (2) audit techniques used by state taxing authorities; (3) strategies for evaluating clients books and records to ensure compliance; and (4) strategies for reducing potential increases in tax resulting from an audit.