Tax audit

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 ?
companies conducting business in multiple states are now spending, on average, $106,000 annually on state sales tax audit, compliance and assessment costs, while 82% of all multistate businesses reported being audited at least once in the past year.
A voluntary correction to a corporate income tax return is likely to lead to a tax audit in 74 of these.
Following HP's presentation, the sales tax audit group met in closed session and approved the MTC audit of Compaq.
In January 2001, as result of an employment tax audit, the IRS issued a Notice of Determination Concerning Worker Classification Under Section 7436.
Tenders are invited for Provision of Roster for Tax Audit Experts.
However, the applicant would be trapped if it could not register or file prospectively, because once its identity is revealed, no legal mechanism limits a sales tax audit of prior periods.
The discussion included federal and state tax audit issues, documentation required to support section 29 credits and research credit claims.
Tenders are invited for Sales Tax Audit and Consulting Services
This article provides an overview of California's administration of sales and use tax, select overviews of common sales tax audit situations, and certain sales and use tax best practices for practitioners.
On the basis of risk parameters, the FBR selected 10,982 or 2.3% of cases for income tax audit as against 9.5% selected last time.
Mohammed Fathy, general manager of ADJC, said: "During the course of the expected tax audits, the FTA will issue tax audit notices to firms that have defaulted in filing their VAT returns, those with mismatched information, or those that have long pending VAT outstanding towards the FTA.
On the other hand FBR had sent audit notices to more than 0.3million tax filers and department was committed to make tax audit of these filers.