IRS Audit Roundtable - Virtual Only

TEI Chicago Virtually Present: “IRS Audit Roundtable”  Monday, December 12, 2022, 9:00 am– 11:00 am 

Join us for a confidential free flowing discussion between attendees led by Chapter Member moderators experienced in current Federal and State Income Tax audit procedures and issues. 

Agenda

Federal:

Any Audit Activity

• ERC
• TCJA
  • 965, FDII, GILTI, and BEAT
  • 163j
• Employment audits
  • 162m

Expectations in IRS audit activity with increased staff

• More desk audits
• Potential Change in reporting 
  • UTP Schedule
  • R&D Credit Form 6765

• Standardized IDRs

• Involvement of specialists and interaction between the specialists and the team coordinator
  • Use of technology
    • Secure email
    • File transfer
    • Conferencing
  • Timelines – are IRS teams sticking to initial timelines?

• Computer Audit Specialists – where are you seeing them involved?  General ledger, tax preparation software?

• How are companies using external support (accounting firms, law firms) versus staffing audits with internal resources?
• Around the Virtual Room
• What is on your mind regarding IRS audits?

State:

• Aggressive states – Florida, California, Michigan
• Extensive audit requests
• Unreasonable application of the law
• Forced unitary filings (only if favorable to the state)
• Disallowance of related party expenses
• Virtual vs in person

 Moderators:

• Catherine Cappuzzello (Fresenius Kabi USA, LLC)
• Ryan Gibbon (Zurich North America)
• Alana Reimer (State Farm)
• Cathy Stevens (Brunswick Corporation)