0
Will the IRS hold your 08 refund while you are in the audit process from the 07 taxes?
Wiki User
∙ 15y ago
Probably....and also likely = depending on what the audit is seeing - that they will extend the audit to 2008 - at least for those things they dispute for '07.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
If you file taxes while in bankrupt will you get a refund?
I depends on the type of bankruptcy and your agreement with the trustee/court.
What is audit procedures?
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
When to File Taxes for a Faster Refund?
Many people file their taxes and happily find that they not only owe nothing to the government but that the government owes them money. They soon find themselves waiting impatiently for that money to get returned and often accuse the government of delaying on purpose. While it is easy to simply say that the government wants their money quickly but returns it slowly, this is simply not the case. One of the biggest factors behind the timing of a refund is when the paperwork was turned in. As the April 15th deadline approaches, more and more tax returns are filed. The number of total tax returns to process is well into the millions. This means that the Internal Revenue Service must process each of these one at a time and randomly audit them for accuracy. So anyone wondering where their money is, the answer is that it is still being processed. So what can an individual do to get their refund more quickly? There are a couple of options. The most popular option for getting a faster refund is the use of tax return loans. In this system a company pays an individual their expected tax return, for a fee, and redirects the refund to their company. This is a great way to get an instant refund but it will cost the taxpayer some of that refund. The IRS has also set up a system to allow for a direct deposit to be made into an account which reduces wait time by not forcing them to cut a physical check. However, the most effective method is to simply send in the tax return early. An individual that sends their tax return in as soon as it is legally allowed on January 1 will be among the first returns to be processed. Nobody should fear that their tax refund will not arrive. It may take it a while to show up but as long as taxes were filed correctly it will be issued. Everyone that is owed money should send in their returns as early in the year as possible to insure the government processes their payment early in the process.
What is the difference between investigation audit and conventional audit in financial statement audit?
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.
Does a tax refund automatically get sent by the IRS to bankruptcy court after a chapter 7 discharge?
No. Everything that happens in a bankruptcy case goes through the (7 or 13) trustee and if the trustee has not acted to get the refund, but has told you it must be sent to him/her, that is your obligation when you receive it. If the trustee did not know about the refund, and you omitted that information from your schedules, you may find your bankruptcy dismissed with prejudice, so you will not be able to re-file it for a while. If you owe the IRS back taxes, they may intercept it. Then it will depend on whether the taxes were or will be discharged. Talk to a lawyer.
You have filed bankruptcy and had back taxes put into your chapter 13 which you filed last year your question is now that the new year has come you have filed your taxes again and will be receiving a?
If you are asking whether you will receive an income tax refund while you still owe taxes, the answer is no. The IRS will require payments and keep your refunds until the bill is paid in full.
What is the difference between audit and control?
An audit is performed by an outside party; a control is exercised by an internal party. A control provides assurance to management, while an audit provides assurance to outside investors.
What are tax refunds and how to get them?
Tax refunds are refunds that are issued to you by the government when you have paid more taxes than required. This is calculated when your income taxes are filed, and some people qualify for a refund while others may owe more money than they have already paid. Here is a more detailed explanation:
Which is the best inspection management software?
Qualityze inspection management software surely automates your inspection process by streamlining the inspection-related processes like receiving raw materials, in-process goods, shipments and also the product returns. You can also track, conduct and complete inspection activities in a timely manner while meeting the highest standards of quality. This software captures and also analyzes a complete history and audit trial of inspections for audit and compliance purposes so that your company maintains an audit-ready compliance posture.
Can you receive a tax return if you are paying back taxes through bankruptcy?
Probably not. The IRS is getting out of sending paper tax returns to taxpayers. They want you to file electronically now. That is for everyone, though, it has nothing to do with whether you are in bankruptcy or not. NOW.... IF you are asking whether you will receive a tax REFUND while paying back taxes then the answer is a DEFINITE "N-O"! The IRS is not going to give you money while you still owe them money. They will "apply" any refunds/credit due you to whatever taxes you still owe.
