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Tax Audits

Parent Category: Income Taxes
Tax audit refers to the examination and verification of returns and other relevant tax documents submitted by a legal entity or an individual to the state’s tax agency. The audit is usually conducted by a certified public accountant.
Yes, the IRS can, and will, garnish an income tax refund if money is owed from an audit.
(1) Fiscal adequacy - means that the sources of revenues should be sufficient to meet the demand of public expenditures.(2) Equality or theoretical justice - means that the tax burden should be in proportion to the taxpayer's ability to pay. (ability-to-pay principle). (3) Administrative feasibility...
What is the Administrative Audit Is the process of checking analytical regulator continuously aspects of financial and administrative activities, and evaluation of goals and plans, policies and procedures, organizational structure and methods of measurement and evaluation of performance and methods...
Preferred stock has an advantage when a company pays a dividend or is forced to liquidate. Preferred stock means that they are from a preferential class and are often categorized as "Class A or Class B." I've attached a link for further information about stock classes.
These costs include the initial costs in establishing the business(e.g. rent, insurance and stock), capital costs (e.g. equipment,plant and machinery) and operating costs (the cost of operating thebusiness until income is sufficient to cover the costs of thebusiness).when you save the money your...
1) An internal audit is an appraisal of activities within company areas, whereas an external audit looks at the financial statements as a whole 2) An internal report is normally given to managers, while an external report is prepared for shareholders, related companies, creditors, or government...
Statutory audits are reviews of a business or governments financialrecords as required by law. Non-statutory are audits not requiredby legal statute but needed because of some other reason. Anon-statutory might be needed if some issue is brought to lightsuch as an irregularity in the way business is...
IF they have income derived in the United States or from propertylocated in the United States, the answer is yes.
There is no easy answer to this question. If you are found tocommitted fraud in your preparation of your taxes, the IRS can goback to the first time you had your first nickel of income. If youare fraudulent there is no limit of time that will protect youraction from inspection and from action...
W-2 is a form, not a tax. The form shows many things including income as defined by many different systems, many benefits (like retirement payments, housing benefits, personal use of car benefits, health, etc) and taxes that were withheld and paid to tax jurisdictions on behalf of the employee,...
Government audit is process of auditing of governmentorganization's account by government auditors. Government auditingis carried out to assess the performance of public accountabilityby government entities.
to be able to measure the efficiency and performance of the business.And compare with other competitors
The cause is Government Policy.
In India... the list of direct and indirect taxes.. is as following.. Direct Tax: Income tax corporation tax property tax inheritence (estate) tax & gift tax Indirect tax: customs duty, central excise duty, service tax, sales tax, value added tax (VAT), securities...
What Did you mean by deferred revenue tax
you sould loook up there website
Answer . Whether the business has lots of competition, has a high sales revenue.
If there is no paper trail ask questions of persons performing the procedure
The difference between current assets and fixed assets as follows: Current assets are flexible in nature, easy to encashable andfloating money to company. Fixed assets are fixed in nature in other words non-moving assets,not easy to encash, and are regularly depreciated. Classification: Current...
Copy of a utility bill (water/gas/phone/electric) addressed to you at the qddress in question.
A project audit provides an opportunity to uncover the issues, concerns and challenges encountered in the execution of a project. It affords the project manager, project sponsor and project team an interim view of what has gone well and what needs to be improved with the project to successfully...
The classrooms are the "buildings" that you buy from and if you are an employe of that building, then you sell stuff and mange stuff in the "building".
Sales tax is an Indirect, specifically, Excise tax. The tax is NOTimposed on the buyer of goods, but is actually imposed on the"Privilege" of the "retailer" selling goods and services at"retail". The burden falls directly on the shoulders of the"retailer" who is authorized by law to pass the tax off...
An assurance map (AMAP) is a tool to ensure key risks are assuredacross your organisation.
types of internal audit report
To handle the financial affairs of the company . The Ministry of Finance is responsible for the financial functions and activities of the Board and management of financial policy of the Office. the various function done by finance department is:- . Budget preparation. Budget administration...
To check the financial statments of a company and form an opinion on whether they are free from material misstatement.
The Ames test is a quick method that uses bacteria to assay forcancer causing chemicals. A false positive is possible when anitrogen based material is used.
No! Most definitely not. Bankruptcy is not an allowable defense against a charge of income tax evasion. However, if what you meant to say is whether or not you can avoid paying delinquent taxes through the filing of a bankruptcy petition then the answer becomes yes, with certain limitations and...
Have patience and wait until the IRS completes the processing of your information and make any adjustment that they determine they need to make.
You will have to complete your 1040 income tax return correctly reporting the amount from the 1099-MISC box 7 nonemployee compensation on your federal income tax return. You will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from the Business...
You will have to complete your income tax return correctly to get the numbers that you want. Using the information from the 1099-MISC box 7 amount nonemployee compensation You will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from the Business...
Hi, I think P7 Advanced Audit and Assurance ACCA is quite a tough paper and demands alot of preparaion. However, I found a Pass Formula book very helpful and it gave me what I exactly wanted, and I passed this paper with a 79% score. Yes, this book is unique and very few students are aware of it:...
Under HR Audit, audit of HR procedures and process is done while infinancial audit, audit of finance related matters are done.
An Independent accountant who performs financial audits are called "External Auditors".
An Internal audit is performed by employees of your own company, usually by employees who are subject matter experts. Internal audit results are usually taken under consideration by management and improvements are made by the company in order to avoid an external audit finding which may result in...
An audit is considered a risk assessment, therefore these terms are interchangeable. And audit plan can have various meanings, some consider this to be an annual audit plan which includes all the audits that will occur within a companies calendar year. Others consider this to be the plan for...
the difference between a direct tax is one that must be paid directly to the government by the person on whom it is imposed and indirect tax is one first paid by one person but then passed on to another.
...not sure but an direct tax is when you are taxed right then and there and you know about it ...a indirect tax is when you are taxed later on and don't know about it
No, although the IRS could file for you which may result in a balance rather than a refund.
how often should work be backed up. how often should work be backed up
According to The IIA which oversees the profession of internal auditors, it is defined as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic,...
Customer or clients means you sell them any product, goods or any services. First is we need to understand the cycle to complete the sale of good and services: . We deliver products, good or services to the customer or client . If the payment is not sufficient for the delivered product or...
operational audit means auditing how the operations of a work are going right or not but performance audit means auditing how the performance of a particular work is going right or not
External audit report is an audit report prepared by externalauditors after examining the financial statements to find out aboutthe "True and fair" nature of financial statements.
Comparable worth programs have costs similar to other programs ofchoice but offer the users an option that will be of greaterbenefit. Individualized programs for the same costs are how theprograms are justified.
Internal audit report is generated by internal audit department ofbusiness which mainly focuses on all operations and effectivenessand effeciancy of operations while external audit report isgenerated by external auditors which has only one point agenda todetermine that books of accounts presents the...
how can we maintain/ prepare the fixed assets register? pleases tell me with proforma.
Yes i want admission in Sweden any university
Generally the statute of limitations for an IRS debt is 10 years from the date the tax liability was assessed. There are several things that can extend the statute of limitations however. Filing bankruptcy will extend the statute by the amount of time the taxpayer is in bankruptcy if the bankruptcy...
Red flags are associated with a fraudulent item referenced on afinancial statement. It could represent an accounting issue,unusual increase in financial growth or rapid financial decline.
Published papers should be conclusive in all aspects. Inconclusivepaper might be not worthy for the reader which gives only theproblems.
An effective governance audit begins with a shared meaning of what governance is. For some that meaning can be a descriptive definition while other require governance to be define in more operational terms. Which one of these approaches is most appropriate depends on the type of audit you intend to...
Federal, state and local government agencies - Some non-profit organizations receive grants or other awards from government agencies, and the related agreement may require that the recipient organization have an organization-wide audit that includes some level of testing of compliance and internal...
The main purpose of taxes are to get u to help pay the government.
1. The allocative effects of direct taxes are superior to those of indirect taxes. 2. Direct taxes are progressive and they help to reduce inequalities. 3. The administrative costs of direct taxes are more than that of indirect taxes. 4. Direct taxes are more flexible than that of indirect taxes. 5....
Cost audit is done to audit the cost elements of unit costs whilein financial audit, audit of financial statements is done to findout information provided is true and fair or not.
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No, If this was liability under the individual while he was single, then his/her current spouse will not incur that liability. Secondly, the IRS can't "levy" and asset per say;they normally seize bank account,wages,IRA's or Social Security Benefits.. If the vehicle is financed, the IRS isn't going...
The Fact, the truth is that the Government is just making people fool, real concept or collecting taxes is to help the poor people of the country, but Governement is taking benifit of silence of uneducated and illiterate people that all the money is tax money is used for for their luxury.
Improper segregation of duties . Inadequate training to perform function . Improper upper level management review . double payment of invoices .
Incidence of indirect taxes indicate how much burden of indirect taxes will be borne by the producers and how much by the consumers by way of rise in price.
It depends upon the result of the dispute. if the liability to pay tax is confirmed on an appeal, interest accurues even during the period when the liability is in dispute. Because the liability to pay is there before the dispute and after the dispute.. If the liability is deleted on an appeal,...
Yes, there is service tax category that is under the packing movingservice. The packing moving service refers to the loading,unloading, and unpacking of certain goods.
acceptance sampling is sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate. accounting and review services are official pronouncements covering compilation and review engagements. Compilation is presenting in the form of financial...
The most simple way to get a copy of your tax records is to go to the company you filed with and ask for a copy. By law, in the USA, tax preparation companies have to keep their customers taxes on file for at least 7 years in case the customer is audited (This law may vary by state). If you did...
Wings are little flaps with adhesive on the two sides of the pad. You attach them to the other side of your underwear. Pads without wings are more likely to fold while you are wearing them. This could cause menstrual fluid to leak and saturate the underwear. The wings help prevent this from...
The National Tax Relief Center helps United States residents who owe $10,000 or more to the IRS and need tax relief! Depending on how much you owe and who you owe, the resolution of tax debt can be very difficult. If you don't know the IRS tax laws you can find yourself paying much more than you...
what is the difference between statutory audit and non statutory audit.
verification is nothing but the existence, ownership & title of assets where as valuation is the correct value of the assets & liabilities at the date of the balance sheet
Think... ENRON, Tyco, etc.. The practice of inappropriately misconstruing income statements for the purpose of pleasing investors and inflating stock prices.
Movie star Wesley Snipes . Country singer Willie Nelson . Baseball star Darryl Strawberry . Former Vice President Spiro Agnew . "Survivor" Richard Hatch . Heiress Leona Helmsley . Mobster Al Capone . Tennis star Boris Becker . "Hollywood Madam" Heidi Fleiss
A manager's career goals should be to advance as far as possible.If you want to move ahead a lot, you should try to advance youreducation.
1. Fiscal Adequacy - the sources of tax revenue should coincide with, and approximate the needs of government expenditure. Neither an excess nor a deficiency of revenue vis-à-vis the needs of government would be in keeping with the principle. 2. Administrative Feasibility - tax laws should be...
NO- SSI, Supplemental Security Income payments cannot be levied or garnished. But SSDI payments can be garnished by a Federal Government agency (IRS, tax, defaulted student loans). And if a creditor other than the federal government tries to garnish your Social Security benefits, inform them...
To check that everything is correct.
What is the rate of depriciation on refigerator
The purpose of investigation varies from business to business. The purpose of audit is to determine the true and fair view. The investigation relates to critical checking of particular records. The audit relates to checking of all books and record. The investigation may be conducted on behalf of...
According to me tds is indirect tax because the concept of indirect tax is the tax is implement on that person is not liable to pay tax its burden is transfer to another person and who is liable to pay ta
This question is designed to encourage students to think creatively about issues for which there are no uniquely correct answers. Some of the issues students may raise are as follows. Congress recently passed the Sarbanes-Oxley bill that makes it illegal for auditors to perform external audit and...
Additional past due income tax that is owed plus the additional penalties and interest that keep on accumulating until the matter is settled with the IRS correctly. Go to the IRS gov website and use the search box for Topic 201 - The Collection Process You have rights and protections throughout...
Calculation of profit and loss helps you to determine the revenue stream of your business (as one example).
profit inspire to make it something new in his business. and lose always teach us the valuable things .
the elasticity of demand of the product taxed
A tax shield is basically a tax reduction for some tax payers.Using a tax shield can help save cash flows and it will increasethe value of a business.
You would want to join a tax audit or tax advisory business becauseyou like math. If numbers are your thing, accounting is a greatcareer choice.
So that the public company's investors, creditors, interested regulatory entities and potential investors, creditors and regulatory entities have independent unbiased confirmation of the finances of the company on a regular basis.
CLG Professional Services is a professional tax, accounting, and financial services firm with offices in Dallas and Allen Texas. Their clients span the income spectrum and are predominately individuals & small business owners who each possess their own set of unique tax and financial needs.
1. It gives credibility to a financial statement 2. Identifies potential problem 3. Organizes financial information