However, the IRS is attaching Publication 3498-A, The Examination Process (Examinations by Mail), to most of the letters. This indicates that the IRS intends to assess additional tax using deficiency procedures – similar to how the IRS assesses tax in CP2000 individual underreporter inquires and audits.
IRS underreporter inquiries and audits can be time-consuming, even by IRS estimates. Responding to the IRS using best practices saves time for you and your client. See how Beyond415 guidance and workflow products can help your firm use best practices in post-filing compliance work to address emerging IRS initiatives, including business underreporter inquiries and audits.
Jim Buttonow, CPA, CITP, is Vice President of Product Development and Cofounder of the tax technology company New River Innovation. Jim's professional mission is to apply emerging technology to problems faced by tax professionals after they file.
Jim is a CPA and former IRS Large Case Team Audit Coordinator. He worked at the IRS for 19 years. Since leaving the IRS, Jim has represented many clients before the IRS. At New River Innovation, Jim is the chief architect of Beyond415 (Beyond415.com), an award-winning technology for tax practitioners to efficiently handle IRS issues, notices and audits. Through Beyond415, Jim also develops and presents CPE series on IRS practice and procedure for issues that arise after filing, such as audits, notices and discrepancies. Jim regularly speaks on compliance trends and post-filing practice efficiency strategies for CPA and accounting firms.