2024 Common Mistakes On Tax Returns And IRS Pitfalls

(2 Credit Hours of Federal Tax Law)

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Join Doug Stives, CPA, for an enlightening IRS-approved course to steer you clear of the common mistakes on tax returns that can lead to IRS scrutiny. This session delves into the operational challenges facing the IRS post-Covid. It examines the impact of the Inflation Recovery Act of 2022's $80 billion allocation on the agency's efficiency and service levels.

Learning Objectives:

Upon completion of this course, participants will be able to:

  • Recognize the factors hindering the IRS from regaining its pre-Covid efficiency and service levels.
  • Understand how the $80 billion funding is being utilized (and not utilized) by the IRS and its implications for taxpayers.
  • Identify the most frequent mistakes made on tax returns and learn strategies to avoid them, reducing the likelihood of an audit.
  • Understand how audits are initiated and the complexities involved in contacting and collaborating with the IRS.
  • Be informed about the IRS's future goals and challenges, as outlined in The Taxpayer Advocate's 2023 Report to Congress, and prepare for potential impacts on tax filing and compliance.

This course counts for 2 hours of IRS CE under the category of Federal Tax Law Related Matters.

About the Presenter:

Doug Stives is considered a worldwide leader in public and management accounting by AICPA &CIMA. He is a CPA, MBA, and full-time professor of Accounting at Monmouth University and a professional speaker at many organizations and conferences. Doug was honored as Monmouth's Outstanding Business Professor of the Year in 2009 and 2016 and was awarded an Outstanding Educator award in 2021 by the New Jersey Society of CPAs. Frequent media exposure includes The Wall Street Journal and other national publications and television, including CNN, CNBC, PBS, NBC, Fox, CBS, ABC, and several cable networks. Doug was once dubbed as the "Most Tax Efficient Man in America" by the Wall Street Journal.