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Tax Audits

~700 answered questions
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.
NO, you should actually pay LESS interest over the period of the loan. You will actually pay it off sooner.   If you are paying more then you need to specify to the dealer that you would like all overpayments to go twards the princeple not the interest which by lowering the princeple will aut…
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Answer The answer to that question is not simple. Each situation is different and requires a different and unique approach. I have shared my knowledge with my soon to be ex. This was for my gratification.....pure and simple. It was my way of telling him that he no longer would control the situati…
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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 mo…
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If it is an at will state, there is nothing the employees can do. They may have a case with the EEO and should check with them and file immediately if they do.
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As a rule, it is best to keep all records for tax purposes for 7 years well it also depends sometimes for 3 years. It is better to consult IRS for the same
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In British Columbia, Canada our Revenue Canada is quite lenient, but they want their money. They make every effort to let the person pay back taxes in installments, but, should that person goof off and not make any attempt they will find their butts in court. They can go back 7 years (Statute of Li…
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The Stamp Act was passed by Parliament March 22, 1765. The tax required Americans to pay tax on every piece of printed paper used. Ship's papers, legal documents, licenses, newspapers, other publications, and playing cards were taxed they taxed everything they used on a regular basis For a simple a…
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subtract sales revenue from total costs
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there is no interest on advance payment of tax
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Process to determine ways to improve production. Contrast with http://www.answers.com/topic/external-audit, which relates to financial statements.Operational audit focuses on managerial effectiveness rather than accuracy of financial reports.
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This is a fault also known as breathing. Too much sound compression can cause the compressor/limiter circuit to engage and disengage rapidly.
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Typical expenses incurred by a restaurant are, Labor, Food & beverage, paper products, dishware, cookware, utinsels, cleaning products, repair and maintenance, courier charges, advertising and marketing, legal counsel (for when customers sue you), and utilities.
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Answer: legal and statutory reserves There is no difference. Both legal and statutory reserves are reserves that must be maintained by law. The previous answer ("Legal reserves are stipulated by law, while statutory reserves are determined in the Articles of Association (the Statute of a company)") …
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The first direct tax was the stamp act.
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Tax incidence refers to who actually pays the tax. Tax incidence can be divided into 1. formal incidence :the party liable to the tax 2. Informal incidence :party who actually pays the tax, The tax incidence is decided by the elasticity of demand and supply for a good or service.
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in Sri Lanka all taxes are imposed by the Parliment and different authorities collect and administer different type OS taxes.In Sri Lanka number of taxes have been imposed and following are the taxes imposed by way of tax, leavy, or Charges.Income Tax, Value Added Tax, Economic Service Charge, Socia…
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An audit committee is made up of between five and seven members of a company's Board of Directors. The audit committee is responsible for ensuring that the auditors remain independent of management.
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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.
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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 t…
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= 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 st…
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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 utilize…
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Answer While there are several different types of audits...as well as several different types of taxes..generally: For an individual, it means the information you submitted on/with your Form 1040 (your tax return) will be checked for completeness and accuracy. Basically, the questions will…
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The word "assessment" can mean evaluation or valuation.Used for determining a status (health, fitness) or the state of a process, an assessment combines various factors to provide an overall determination.Used for determining property value (as for taxes), an assessment is a relative comparison base…
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Federal laws specify how long you must retain the documentation to support the filing of income tax returns. For most taxpayers, this period is three years from the original due date of the return or the date the return is filed, whichever is later. For instance, if you filed your 2006 Form 1040 Apr…
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Answer Not having kept records is a separate offense on top of whatever tax payment problems may be suspected. Contact a tax attorney or criminal attorney who specializes in white-collar crime immediately. Answer Make sure you are the one actually being summonsed. A lot of times the IRS will…
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auditing is the examination of financial statements by an independent certified public accountant as to the fairness with which the financial statements are prepared.
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It is difficult to perform a truly independent audit because auditors will have their own biases. Also, auditors are paid by someone and may feel inclined to provide reports that favor the one paying them.
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Answer They are relative to the valuation of the company and the shares issued by the company. So for example if company has 2 million common shares and the valuation of a company is 4 million dollars then each common share is worth $2. Usually valuation of company occurs upon financing and that…
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Internal audit can be beneficial to most organizations because, if planned properly, it provides management with a methodology to identify those risks that may prevent the organization from meeting its objectives. For example, if a company has a strategic objective to raise $20 million in loans to b…
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Answer1A performance audit is something that employers use to rate how well you do your job. They rate you on several aspects: Overall productivity (How much you do in an amount of time).Job knowledgeQuality of work completedAbility to work out conflicting itemsClarity of workHope this helps! There …
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An audit (financial or non-financial) therefore indicates detailed examination and verification of an account, a situation or a state. Given this definition, the application of an audit varies from financial audits to marketing audits; from fire safety audit to statutory refulations requirements aud…
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The money supply of the United States is regulated by the? At present the entity responsible for controlling the money supply in the US is a privately owned central bank called The Federal Reserve. This is the corporation that dictates to the treasury department how much currency should be printed a…
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A technical audit is an audit performed at a company or manufacturer where the auditor, engineer or subject matter expert (SME) evaluates deficiencies or areas of improvement in a manufacturing process, system or proposal.EXAMPLES:A technical audit of a proposal would include an engineer or SME's ev…
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When you Pay As You Earn
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Records are kept in the workplace to document what was done and why, in case a tax issue arrises or a transaction is questioned. If someone wants to sue the business for something, then the business has records that show what was done, by whom, and when. Workplace records also document when maintena…
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Project Audit Overview Projects rarely run through their full life without some surprises. Sometimes the reasons for this are quite reasonable: requirements change, the team learn more about the problem, third-party software turns out not to perform as advertised. But other surprises are symptoms o…
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An audit engagement is when an auditor is performing an audit on a business. They are looking at all their books to make sure the business is recording their finances correctly.
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IRM 1001 Refund paper check mailed more than 4 weeks ago See IRM 21.4.1.3.4, Refund Issued But, Lost, Stolen, Destroyed or Not Received 1101 No data, taxpayer filed paper return more than 6 weeks ago See IRM 21.4.1.3.1.1, Return Not Found 1102 No data, taxpayer filed electronic return more than 3…
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A test used to determine the mutagenic potential of a substance based on the mutation rate of bacteria that are exposed to the substance.
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Audit does not mean whether the processess set in are in place. The holistic view of audit is also to alert the stakeholders of strategic failures. Hence swot analysis is carried out to ascertain the strength, weakness, opportunities and threats. Swot analysis enables focus on what is to be done, wh…
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Yes, voicing is considered the backbone of an audit. This is because the auditor needs to check and verify all information to make sure everything is accurate.
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Estimated and actual costs, are influenced by: the Auditors' Time (a function of the assessed Audit Risk)the Auditors' Disbursements (ie. Travel to conduct the audit)the sate of the subject Company's Records Some smaller firms may have less overhead and can therefore afford charge less. In most, if…
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Answer For non-professional non-college sports apparel (e.g. regular fashion apparel), the annual royalty rate is typically between about 1.75% and 6% of net sales. For professional or college sports apparel the royalty rate is between about 8% and 15% of net sales. The Licensee also typically ha…
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the average bank manager in this country makes 175k
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A restaurant profit and loss report should include the costs of daily business, like staffing and foodstuffs. The breakdown of the report should list the costs before the markups for customers.
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1500 trucks are 1/2 ton, 2500 trucks are 3/4 ton, 3500 trucks are 1 ton. The differences are hauling/towing capabilities. Granted 2500's and 3500's have more powerful engines, a 1500 can be made into a 2500 with few modifications.
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The profit and loss approach is a simple way for businesses to see exactly where their money is going. It shows them where it is going and where it is coming in from.
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The word audit has two meanings. The first is the security audit, whereby a consulting firm comes in and validates a companies security profile. This is similar to how accounting firms review a company's books. The second term is infosec specific, and means an "auditing" subsystem that monitors ac…
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A deduction on your tax return can be your property taxes or mortgage interest. A contribution is money or property you've donated to a qualified charitable organization.
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There is no answer to this question sorry.
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Common stockholders generally are the only shareholders who are allowed to vote at shareholders' meetings, whereas preferred stockholders' shares generally convey no voting rights. However, preferred stockholders have guaranteed dividend rights that common shareholders do not have. Common stockhold…
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An audit failure is when an auditor says that financial statements are correct when they actually are not correct. This is basically when an auditor lies for a business.
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A court, Grand Jury, legislative body, or Administrative Agency uses a subpoena to compel an individual to appear before it at a specified time to give testimony. An individual who receives a subpoena but fails to appear may be charged with Contempt of court and subjected to civil or criminal penalt…
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One reason is raise capital for a company without sacrificing the control of company. Issuing common stock would do this.
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You mean TRANSFER PRICING. Transfer Pricing is done by large Transnational corporations who are able to use management accounting techniques to move costs and profits to different jurisdictions. Say you have a large company making Airplanes... with an engine factory in one country and sales arou…
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can c perfomence We can have many advantages and benefits by calculating the profit and the loss of the entrepreneur as below,1. We can make future plans about the Organization according to the loss or the profit.2. We can compare the situation of the Organization with other Organizations.3. It is h…
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An independent bookkeeper sets their own rates. Depending on where you live they can be anywhere from $15/hour to $100/hour. I personally charge $50/hour and I live in southern California. I have a certificate in accounting and am a QuickBooks Pro Advisor. I am not a CPA.
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Answer Speed and reduction of human error. (That's assuming that your computer program that is providing the profit and loss report is set up properly, which again would be human error if it isn't.) idk wat r we talkin bout again
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The scope is what you are going to cover such as time period and departments. Objectives is what you are trying to achieve. Example: check for compliance with state regulations.   Scope and objectives of audit Answer: 1. An unbiased examination and evaluation of the financial statements of …
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IRS publication 552, covers Record Keeping for Individuals. (They have a separate one for Business). It covers record keeping (what and how long) for tax records and supporting docs. Pretty easy to understand. Minimum for tax-related is 3 years, but it could be as long as 7.
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depriciation:wear or tear of an asset orestimated life used of an asset
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Estimation of the taxes for the current year
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here is an example that should help you more than the dry language of it:Accounting value$1,000$800$600$400$200Tax value$1,000$750$563$422$316Taxable/(deductible) temporary difference$0$50$37$(22)$(116)Deferred tax liability/(asset) at 35%$0$18$13$(8)$(41)
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the tax law changed in 2005, For most car donations, the deduction you receive is now directly related to the selling price of the vehicle. The IRS allows for a minimum deduction of $500 but for any deduction over $500 the charity must provide to the donor a written acknowledgment of the vehicle's s…
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The Stamp act of 1765
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The duties of an auditor is to audit something. For instance most auditor work for a company and they audit the money that is taken in and goes out. They balance the books.
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The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
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Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements &audit report to be presented to the Board of Directorsand to be filed with statutory authorities.
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Answer Well, it isn't easy. The IRS (and other tax authoprities) really try to not be part of someones vengence. Its aware of it's position and that many people would lie, or do anything they could, to sic them on another. That said...all tax collection agencies, like just about any department c…
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I was very hurt by the stamp act. it was quite insulting to be a british colonist back in that day mannn..
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An exemption basically is something you use to lower your taxes, or something you do not have to pay taxes on, such as a child or student loan interest. A withholding allowance is how much the employer withholds from your check in taxes after exemptions are calculated.
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nothing at all!
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Most Career open are those IT jobs like: AccountantC++ DeveloperC# DeveloperCall Center AgentsContent WritersCreative DirectorCustomer Service Representative TrainerDesktop Application DeveloperDot Net DeveloperFlash DevelopersI.T EngineerInformation Technology OfficerIntermediate Graphic DesignerJa…
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Common Stock Common stock is ownership in a company, just the basic stock that we're used to trading. Companies sell common stock through public offerings, and it's traded among investors on the secondary market. Those who hold the stock hope to earn dividends from their share of company profits. H…
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Lysoform-one of the major brand names for disinfectants. www.lysoformireland.com It is true that better disinfectants can help, but the key is training. All staff involved in hygiene and cleaning in hospitals should have a basic cleaning qualification. Cleaning staff are among the only "professio…
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1. The system of Value Added Tax (VAT) has been implemented, in the State of Maharashtra, w.e.f. 1st April, 2005. 2. The following Acts have been repealed on introduction of VAT: - i. The Bombay Sales Tax Act, 1959, (BST) ii. The Maharashtra Sales Tax on the Transfer of Property in goods invol…
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borrowing money is when you ask somebody to politely lend you a few dollars or even a wad of money, until you pay them back without interest.
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because i have earned the managerial skills and techniques to acheive the company's sales targets and to exceed the cutomers expectations ..but over all because i love this job and tha's the key to being a good retail manager
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United States Food and Drug Administration
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The 1500 is a 5.3 Liter 310 horsepower engine. The 2500n is a 6.0 liter 325 horsepower engine. so the 1500 gets a tiny bit better gas mileage. They are both V8s. That is accurate, but that is not all there is to it. The above info is only based on model years 2000 and higher. The numbers 1500, 2500…
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IRS audits are done a few different ways. If you are being audited by a person that comes to visit you, that person is a Revenue Agent. A Revenue Agent specializes in auditing tax payers. That's right, tax payers, not the Tax return. All field audits are done to inspect the lifestyle of the tax paye…
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Indirect exporting is a type of exporting that is not done through a producer or manufacturer. It is done by a freight forwarder or export agent.
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the 2500's cooler answer the HD is actually a rebadged 1 ton (3500). the front and rear springs are heavier, too The frame is different on the 2500HD. Look at the frame where it goes over the rear axle. It's easy to see just looking over the top of the rear wheels. If you see a 2500 (or 1500…
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Buford, WY has a population of 2: Monse, WA has a population of 12. There is a town near Whitehall WI with a population of only 10. There are also a number of towns that have 4(maybe), or 6 people.
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to improve tax compliance its necessary to cultivate a culture of harmony among tax payers & tax collectors i.e. by establishing tax payers friendly environment & policies and by appreciating their contribution to national development & progress, making tax payers feel pride in paying ta…
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The verification of cost records and accounts, and a check on adherence to prescribed cost accounting procedures and their continuing relevance.Cost audit refers to the detailed checking of the costing system, the techniques used and the accounts to verify their accuracy. It also ensures that the co…
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Operational Audits An operational audit is a review of any part of an entity's operating procedures and methods for the purpose of evaluating efficiency and effectiveness. At the completion of an operational audit, recommendations to management for improving operation are normally expected. An ex…
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I have no idea but...my battery recently died and now it says phone...i tryed putting in the security code but it just says PHONE....if u have figured it out PS email me wildcatz1000@hotmail.com
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The primary function of the legislative branch is to make laws.
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They make the laws for the nation.
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all legal papers or documents
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Churches in Florida are exempt from paying intangible tax but not documentary stamp taxes. The state, county, and municipalities are exempt from the documentary stamp tax.
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Is a huge benefit.Self employment tax is your social security and medicare. If you were not self employed you pay only your portion. Now you must pay yours and your employers portion since you are your own employer. The employers portion is also treated as a deduction on page 1 of the 1040 so you ge…
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http://wiki.answers.net/Q/Whats the difference between preferred and common stock? http://wiki.answers.com/Q/Whats_the_difference_between_preferred_and_common_stock?
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Preference share holders have preference over common stock holdres in dividend distribution as well as in terms of capital invested.
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