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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 advisers 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. Multinational corporations, 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 is a tax audit risk scoring 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 risk exposures.
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.
IARP product features include:
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 and 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 is available as an industry standard MS Excel© application and is delivered by digital download. The IARP was designed to be an easy to use risk management tool. Users familiar with MS Excel© will have a proficient skill level to use the product.
Disclaimer: 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 uncovers.
All products are digitally delivered. Please provide us your e-mail address when ordering. Sum2, LLC
