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.
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* Legal Security Insurance Plan--extended: This plan includes the benefits of both plans outlined above, plus other coverage, including drafting of living-trust documents, refinancing of principal residence, bankruptcy, foreclosure, tax audits and serious traffic matters.
(Riverwoods, IL) has produced New York Residency and Allocation Audit Handbook, a 430-page guide to dealing with New York State and New York City tax audits. Editorial covers residency and income allocation audit programs, what to do when audited, how audits progress and techniques that can be used to reduce liability.
The amount of undeclared capital gains, compiled from figures filed by regional tax bureaus and tax offices nationwide, was calculated on the basis of tax audits conducted on 25,346 cases of questionable tax returns, tax administration officials said.
The practitioner should look at the sales and use tax returns, use tax self-assessment schedules, lease contracts, intercompany transactions, lists of the largest suppliers and issues from past sales and use tax audits. He or she should understand the statute of limitations for filing refund claims and whether a refund can offset a potential audit assessment.
Detailed Procedures Regarding Tax Audits of Foreign Taxpayers (in Chinese).
THE number of tax audits has halved over the last five years because of a staff shortage.
"In 5 months, only 176 field tax audits were conducted, which is 4 times less than the figure of the same period last year," he said.
'At least, filers must be exempted from tax audits for the next two to three years,' he suggested.
The CDTFA routinely conducts sales tax audits on businesses within and outside the state that sell into California to ensure compliance with state sales tax collection and remittance requirements.
Al Dhaheri Jones and Clark (ADJC), a top consulting firm in Dubai, UAE has reminded companies anew of properly filing their value added tax (VAT) returns in anticipation of a possible tax audits by the Federal Tax Authority (FTA) this year.
She has extensive experience assisting clients in handling tax audits and investigations conducted by the Bureau of Internal Revenue and in applying for tax treaty relief and BIR confirmatory rulings.
Sonya spent six years as a Tennessee Auditor where she conducted sales and use tax audits as well as franchise/excise tax audits, liquor by the drink audits, and business tax audits.