IRS Audit Risk Program (IARP)
assists managers to determine corporate exposures to Tier I, II and III; IRS LSMB
Industry Focus Issues (IFI) risk factors. The IARP is a threat management
and scoring tool that assists managers to ascertain, manage and mitigate tax audit
risk for each IFI risk factor.
The IARP ranks, aggregates
and groups the three tiers of IFI risk exposures. Managers and tax advisors can
take considered action to mitigate exposure to risk factors, prepare for tax
audits and organize defensive responses for potential mediation, arbitration or
litigation of tax audit disputes.
The IARP is a necessity for hedge funds, private equity firms, CTAs, RIAs,
global multinationals and corporations utilizing offshore structures. The IARP
is a critical resource for CFOs, CCOs, CROs and internal corporate counsel.
company’s that utilize sophisticated structures, engage in innovative transactions,
recognize and book revenue from diverse sources and employ sophisticated tax
strategies will benefit from the use of the IARP.
CPA firms and corporate tax attorneys with a
focus on financial services and LMSB corporate tax practices will find the IARP
an indispensable risk discovery and client engagement tool.
The IARP uses a scoring methodology to determine
a funds exposure and level of preparedness to meet IFI audit risk factors. The
IARP guides managers through a thorough IFI risk assessment. The IARP helps
managers formulate and initiate actions required to mitigate the threat of IFI
The IARP identifies and calculates expenses associated with mitigation
initiatives. The IARP helps managers to assign mitigation responsibilities to
staff members or service providers and tracks any open issues.
The IARP links to issue specific IRS resources and documentation that clearly
outlines the risk factor, documentation requirements and agency engagement
guidance pertaining to the specific IFI risk factor. These critical tax
compliance resources enables managers to determine the severity an IFI risk
factor represents and helps to align corporate resources needed to address it.
Score Exposure to IFI Risk Factors
Prioritize Mitigation Initiatives
Identify Mitigation Initiatives
Assign Tasks and Track Open Issues
Calculate Mitigation Expenses
Align Staff and Service Providers
Links to Issue Specific IRS Guidance
IRS Form Library and Search Engine
FASB and AICPA Guidance
Manage IRS Audit Engagement
Manage Mediation, Arbitration Develop Litigation Strategies
The IARP is a vertical application of Sum2's
Profit|Optimizer product series.
The Profit|Optimizer is a C Level risk
management tool that assists managers to uncover and mitigate business threats
and discover opportunities to assure profitability and growth.
The IARP product does not offer advice nor does
it recommend compliance guidelines. Its purpose is to help corporate tax
managers assess risk levels and provide a tool to align corporate resources to
mitigate risk factors. It is highly recommend that you consult with tax,
legal and compliance professionals to address any risk exposures that the IARP
All products are digitally delivered. Please provide us your e-mail address when ordering. $500.00