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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.
What is the Administrative AuditIs 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...
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 financial  records as required by law. Non-statutory are audits not required  by legal statute but needed because of some other reason. A  non-statutory might be needed if some issue is brought to light  such as an irregularity in the way...
IF they have income derived in the United States or from property  located in the United States, the answer is yes.
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
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 transaction tax
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.
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 NOT  imposed 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...
An assurance map (AMAP) is a tool to ensure key risks are assured  across your organisation.
types of internal audit report
The Ames test is a quick method that uses bacteria to assay for  cancer causing chemicals. A false positive is possible when a  nitrogen based material is used.
Have patience and wait until the IRS completes the processing of your information and make any adjustment that they determine they need to make.
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:http:...
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...
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.
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Internal audit report is generated by internal audit department of  business which mainly focuses on all operations and effectiveness  and effeciancy of operations while external audit report is  generated by external auditors which has only one point agenda to  determine that books of accounts...
  how can we maintain/ prepare the fixed assets register? pleases tell me with proforma.
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...
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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...
Improper segregation of dutiesInadequate training to perform functionImproper upper level management reviewdouble payment of invoices
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,...
===== 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...
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 not...
  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...
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.
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...
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 ProcessYou have rights and protections throughout the...
Calculation of profit and loss helps you to determine the revenue stream of your business (as one example).
You would want to join a tax audit or tax advisory business because  you like math. If numbers are your thing, accounting is a great  career choice.
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
 Standards are principle-focused and provide a framework for  performing and promoting internal auditing.
some of the jobs are photographer,mayor,teller,andjudge
Colorado income taxes are due on or before April 15. When your taxes aren't paid by April 15, they're considered late, and interest is assessed . According to the website for the Colorado Department of Revenue Division of Taxation, interest is determined by the prime rate as of July of the...
Junior Achivements JA BizTown is a place where students run a town for a day. It is small and is part of the junior achievement non profit organization. It gives 5th graders and 6th graders a chance to learn real world money saving skills. They fill positions like CEO, CFO, Mayor, sales manager, IRS...
Purpose of investigation audit is to find out the evidance of the  specific agenda for which investigative audit is conducted while  conventional audit objective is to find out that financial  statements represents the true and nature of business or not.
Quality audit means a systematic, independent examination of a quality system. Quality audits are typically performed at defined intervals and ensures that the institution has clearly-defined internal quality monitoring procedures linked to effective action. The checking determines if the quality...
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
It's now called "Statement of Income and Expenditure" according to the newly introduced IFRS.
  Yes...and interest too. It's actually on the amount of estimated payments made relevant to the tax you owe....and has many safe harbors and qualifications. Taxes withheld are just one of many prepayment methods.
The amount of tax that you would have to pay on aR350 000 will  depend on the amount of excetions on your taxes. It will also  depend upon your filing as single, or married.
  There is no "Profit and loss account". There is a profit and loss statement, the income statement. The income statement is closed out to Retained Earnings (shown on the balance sheet), so I guess you might consider that Profit and Loss account. Retained earnings shows the resulting effect of...
  Your best tactic is to be polite, and honest. Do not try to be deceptive, or have a bad attitude. Auditors have a great deal of discretion in how to do their jobs. They can either really stick it to you if you give them a reason to, or they can let you slide. The choice is up to you as to...
Because it is not the responsibility of the auditor. The auditor work must be within economic limits.
YES, the IRS CAN garnish your Social Security Retirement benefit! This is a relatively new program, though it was apparently authorized under legislation from several years ago. If your monthly benefit is more than $750, they may garnish 15% of your monthly benefit for taxes that are at least six...
== Answer ==   Stereos use basic left and right speakers. In 4 channel stereos the add in 2 more channels to move the sound around you. In 5 channel surround they add a center channel for voice coming from a picture generated in from of you. Helps pull you to the person talking on the screen. 5.1...
Businesses write off equipment in an attempt to match the cost of the equipment against the income such equipment helps to generate. Doing so gives the business it's best calculation of it's profitability. Without this attempt to match expense against income distortion of financial performance...
  == Answer Audit oversight ==   is the process of checking financial transactions/books of accounts of a puplic organisation to ensure statutory performance by a cartified public accontant company (CPA) and report to the appropriate authority.
Yes, the last audit was done on February 11, 2008 by Ernest & Young, LLP
  == Answer ==   Call or write to your church where you were baptized and ask for a copy. If you do not know, ask your church secretary and they can call the main office if you have the city and/or partial name and your name and age of when you were baptized. Most churches has an...
Loans, overdrafts and buying on credit are all ways of borrowing. Different methods of borrowing suit different types of people and situations. Whatever type of borrowing you choose, it's important to make sure you'll be able to afford the repayments.
As in Period of Price rising, current market price of the inventory will be higher than the previous market price on which inventory was purchased by the business. If using FIFO method the lower value of inventry will be rocorded then the value of inventory consumed will not meet the current market...
sharing information with colleagues, allows sharing others ideas and experiences. which in turn will provide you with additional tools to provide solutions to prfoblems.
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Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was:   Properly planned;  Carried out;  There was adequate supervision;  That the appropriate review...
briefly explain the tax system of Sierra Leone
How do I find the opening stock when given the closing stock
The largest firms are commonly referred to as "The Big Four." These four firms are: Deloitte and Touche, Ernst and Young, KPMG, and PricewaterhouseCoopers.
CPAs who do not audit the financial statements of publicly listed companies do not fall under the jurisdiction of the SEC and the PCAOB.
Since the early part of the twentieth century, CPAs have audited financial statements.
The objective of an audit is to provide reasonable assurance that an assertion corresponds with a set of specified and established criteria.
All levels of public administration in the United States--from municipalities to the federal agencies--undergo performance audits
The internal audit function is to ensure that an organization meets its objectives through a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance
Although the closing dates for the quarters differ, both individuals and corporations are subject to payment of estimated tax in quarterly installments.
In a financial audit, the management of an organization asserts that the financial statements are prepared in accordance with generally accepted accounting principles (GAAP), the applicable criteria.
OMB revised and renamed Circular A-133 to implement the SAA's amendments and to extend the circular's coverage to state and local governments, Indian tribal governments,
Businesses that are concerned about social responsibility will conduct social audits. This is a systematic evaluation of the organization's progress toward implementing socially responsible programs.
These components, which are subdivided into seventeen factors, include: The control environment; Risk assessment; Control activities; Information and communication; Monitoring
Materiality is the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement. While...