The accurate reporting of income and expenses by cash intensive businesses has been the subject of various studies by the Service, as well as General Accounting Office (GAO). The GAO estimates that the individual income tax “gap” is in the hundreds of billions of dollars. The common theme of these studies is that there has been, for those taxpayers with the ability to determine their own reported income, an increase in underreporting of income.
Of particular interest are businesses and individuals who receive most of their income in cash. Cash transactions are anonymous, leaving no trail to connect the purchaser to the seller, which may lead some individuals to believe that cash receipts can be unreported and escape detection.
This session will help practitioners determine who are the cash-intensive business clients. During an audit a practitioner must know what the auditors are looking for and what tools are being used to find the unreported cash. Practitioners will come away with information on what external sources do The IRS has access to, what the IRS can learn from your client’s bank, and what a practitioner needs to do to prepare for an audit interview.
Mary Philippsen, EA
Mary F. Philippsen is an Enrolled Agent, licensed by the U.S. Treasury to represent taxpayers before the Internal Revenue Service. She has a Bachelor’s degree in Business Administration with a minor in Accounting from the University of Phoenix and has been in the tax & accounting business for thirty years.
Details: Meetings are held on the third Tuesday of each month (no meeting in April). Agenda: 4:15 Board Meeting | 5:30 Social Time | 6:00 Dinner Hour | 7:00 Presentation
Reservations: Reservations need to be received by midnight the Thursday before the meeting.
Prices subject to change at any time
NOTE: There is an additional $5 charge if you register after the Thursday prior to the meeting.
CANCELLATION POLICY: OCEA does not issue refunds once a registrant has registered for an event or class. However, a written request can be submitted to OCEA’s Treasurer by the next board meeting for consideration by the Board in the following cases: (1) Cancellation at least 72 hours in advance (2) a medical emergency prevents the registrant from attending (3) a death in the family