Life Cycle of an IRS Examination and Potential Impacts on Financial Statements
July 22 | 2:00 PM ET | 18:00 GMT
Financial Reporting for Taxes
Host: Vickie Carr, Partner - Deloitte Tax LLP
1 Intermediate CPE Credit | Accounting
The impact of an IRS examination on a company's financial statement can be difficult to analyze. What do you need to know to properly account for and disclose the potential impact of any tax authority examination? We'll discuss:
- The stages of an IRS examination and related information your external auditor may request, such as Information Document Requests (IDRs), Notice of Proposed Assessments (NOPAs), and Revenue Agent Reports (RARs).
- Effectively settled – events that may lead to this determination and events that typically don't.
- SEC comments – how and when to disclose in financial statements.
Learn how IRS examinations should be considered in financial reporting – two separate yet related areas.
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