Best Practices for Schedule C: Partner Steve Jager Presents Webinar to California Society of Enrolled Agents

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Knowing what to be prepared for when the IRS comes knocking on your door, managing client expectations and ensuring that Schedule C is the right form for you to use, are some of the best practices Partner Steve Jager discussed during a webinar presented to the San Fernando Valley Chapter of the California Society of Enrolled Agents (SFV CSEA) on November 16, 2020.  

The presentation also covered the IRS’s new “wealth squad,” unconventional audit techniques being used as well as:

  • Determining if your client really is “in business”.
  • What are adequate books and records?
  • Being mindful of where you are on “the triangle” of tax practice.
  • If you prepared the tax return under examination, are you the “right professional” to be handling the IRS exam?
  • Reliance on your client’s representations in good faith: what amount of due diligence should you be doing? 
  • When is Disclosure the best practice?

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