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.
Identify best practices to help your cash-intensive clients avoid audit, maintain adequate records, and handle an audit if one should arise.
Michael Wallace, E.A. is an Enrolled Agent with Agostino & Associates, P.C., assisting the team of attorneys with various tax controversy matters. Prior to joining Agostino & Associates, Mr. Wallace worked in the pharmaceutical industry in finance and compliance operations. Mr. Wallace has worked in the field of tax as a preparer, instructor and taxpayer representative. Mr. Wallace earned his B.S. degree in Accounting from Rutgers University.
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