IRS Tax Audit – How To Avoid an IRS Audit & What To Do if You Are Audited

Hi Welcome to ValuationPodcast.com - A podcast and video series about all things related to business and valuation. My name is Melissa Gragg, a company valuation expert in St. Louis Missouri.

During this episode we will discuss what happens in an IRS Tax Audit, tips on how to avoid an IRS audit and what to do if you are audited. We have the privilege to discuss these issues with a former IRS auditor Mike Gregory, he is a mediator in Minneapolis Minnesota, author of 11 books regarding various valuation topics and creator of the collaboration effect ®. He is a frequent speaker at estate planning council events and uses mediation techniques to deescalate situations.

Welcome Mike!!

1. Tell us a little bit about your background as a mediation expert and former IRS auditor.
2. What is The Collaboration Effect® and how does it relate to an IRS tax audit or how to avoid an audit and what to do if audited by the IRS?
3. What does your book entitled, Business Valuations and the IRS: Five Books in One cover?
4. The most common valuation discount or adjustment on an estate or gift tax valuation case is the Discount for Lack of Marketability or DLOM. Do you have a story you want to share?
5. You have worked with estates of up to $1 billion and 100 appraisals, what advice for business owners do you have regarding how to avoid an audit by the IRS?
6. How does classification work at the IRS – can you share a simplified example related to an estate or gift tax return? Other returns?
7. What’s the role of the IRS agent and a specialist on an audit?
8. In an IRS audit - who is the ultimate decision maker on the case?
9. Do you have an example of a $50 million construction company tax audit you want to share and suggestions on how to work with the IRS?
10. Do you have any summary comments regarding this presentation and your pocket guide?

Melissa Gragg
CVA, MAFF, CDFA
Expert testimony for financial and valuation issues
http://www.BridgeValuation.com
Cell: (314) 541-8163
Bridge Valuation Partners, LLC
[email protected]

Michael Gregory, NSA, MBA, ASA, CVA,
Founder/Owner
Michael Gregory Consulting, LLC | The Collaboration Effect
Direct: 651.633-5311
w: mikegreg.com | collabeffect.com
e: [email protected]

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