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Tax Audit |
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Tax audit Audit by the IRS or other tax-collecting agency to determine whether a taxpayer has paid the correct amount of tax. Tax Audit In taxation, the process in which the tax collection agency reviews the reports of an individual or company to see if all income, deductions, and/or credits reported accurately reflect reality. This is done to ensure that each individual or company pays his/her/its full tax liability. Audits are conducted on a random basis, or when something appears remiss on a tax return. See also: Tax Avoidance, Tax Evasion. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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