1.Your client is a large manufacturing company started just three or so years ago. A C Corp - they have filed as follows 2019 filed 6/15/20; 2020 filed 10/15/21; 2021 filed 3/15/22; 2022 extended through 10/15/2023. The CFO of the company was contacted by IRS with IRS indicating that it wanted to conduct an audit of the 2019, 2020 and 2021 federal tax returns Forms 1120. A big manufacturer with locations in Ohio; Louisiana; Texas; Maryland and a headquarters in Delawarethis company had big sales 0f $2 billion and net profits running around 10%! AND this company had set up subsidiaries in the UK; France; Germany; Brazil.

Anyway you are a newly hired staff person who is rising star in your CPA firm. The partner in your firm -Pete loves your work. He asks you to review articles, etc on the topic how to handle an audit which Pete will review before sending to the client. The client has not yet tried to build its own tax group and instead relies on your firm for guidance. (You hope that one day perhaps they will hire YOU to head up their Tax Department so you need to shine!)

Pete asks that you come up with 16 items bullet points to present to the CFO, advising on things to consider and how to handle an audit. Please review articles etc as needed (cites help too) write the memo (1 point for each = 16 possible points for you!)