Tax audit

(redirected from Tax Audits)

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.
References in periodicals archive ?
In their absence, supervision over the field of tax audits was transferred to one of the deputy ministers.
Such tax audits and prosecution were widely interpreted, albeit not officially, as a politically motivated move.
Dulay has given his go signal to resume all tax audits following a two-month suspension on investigations.
Scope of Services:The City%s main objective in its partnership with a consultant is to maintain and enhance the City%s revenue base by performing various professional services as follows: Annual sales and use tax audits Annual and quarterly sales and use tax analysis and reporting services Annual property tax information, audit and reporting for the City Documentary transfer tax audit services as needed Revenue forecasting related to sales/use, property and transfer tax services Policy, legislative and regulatory updates, analysis and support as needed for sales/use and property tax services
Therefore, it is not surprising that an overwhelming number of tax audits are conducted in haste and are perfunctory creating space for tax evasion and avoidance.
In an attempt to muzzle certain companies -- including the critical Taraf daily -- viewed by the AK Party as its enemies, the government recently embarked on the tactic of issuing them with tax audits.
As he would like to start with tax audit assignments, I want to know if there are any limits placed on the number of tax audits he can undertake.
New development strategy of the State Tax Service proposes to establish a department of tax audits, Vice Chairman of the State Tax Service Oktyabr Abdykaimov said during a seminar with the participation of tax officials from Kazakhstan on accession of Kyrgyzstan to the Eurasian Economic Union.
Two IRS programs are designed to close the tax gap for federal employment taxes: National Research Program employment tax audits and the Voluntary Classification Settlement Program (VCSP).
Among the 890 corporate tax executives surveyed, 61 percent said federal tax dispute activity had increased in the past 12 months, while 37 percent said the total number of state tax audits in jurisdictions in which they do business increased.
At this point it is necessary to distinguish between re-checking and recovery of tax audits, concepts that are often considered, unreasonably, equal.
The Federal Government, through the Minister for Finance and Economic Affairs, had approached ICAP for development of a framework to carry out tax audits of corporate sector tax payers by the Chartered Accountants.