Revenue Agent's Report

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Revenue Agent's Report

An IRS agent's report following an audit. The RAR contains information such as adjustments to the taxpayer's income, but it states the bottom line as to whether the taxpayer overpaid, underpaid, or paid the correct amount. If the taxpayer overpaid, he/she receives a refund. If one underpaid, one must pay additional taxes, often with interest and penalties. See also: Form 4549.