Tax Audits

There is no time limit imposed upon the IRS if there is any evidence of tax fraud on behalf of the taxpayer. Normally they do not go back past 7 years but if fraud was involved or intentionally not paying the amount of taxes due then the IRS can go back as long as is necessary.

Cash budget estimates the cash inflows and outflows and net cash available for specific period while budgeted profit and loss is the estimated statatement for planning purpose before actual activity starts.

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The historical contribution limits for IRAs follows:

1974-1980: $1,500

1981-2001: $2,000

2002-2004: $3,000 plus $500 "catch-up" for those over age 50

2005: $4,000 plus $500 catch-up

2006-2007: $4,000 plus $1,000 catch-up

2008-2012: $5,000 plus $1,000 catch-up

2013: $5,500 plus $1,000 catch-up

From 1998 onward, these limits applied to Roth IRAs as well. The annual contribution limit is for both types IRAs, whether traditional or Roth or a combination of the two types.

This depends on the legal organization of the business (C corporation, S corporation, partnership, etc) and what state the business operates in, for just a couple of factors.

There are some taxes which may only apply to one or the other, or apply differently to individuals and businesses. One example is the Social Security tax. An individual pays 7.65% of gross pay to Social Security (in 2011 stimulus measures had this at a temporarily reduced rate of 5.65%). The business, as an employer, pays a matching contribution the employees account (based on how much the employee makes, not how much income the business has. Note that the above referenced stimulus reduction applied only to reduce the employee's portion, not the employer's.

In Texas, a business pays property tax based on the value of vehicles, equipment and inventory that it owns, as well as any real estate. Individuals only pay property tax on real estate. Each state would have its own tax laws.

indirect tax

An audit trail serves to provide a chronological record of all transactions and activities within a system, ensuring transparency and accountability. It helps organizations track changes, monitor compliance with regulations, and investigate discrepancies or fraud. Additionally, an effective audit trail can enhance data integrity and support decision-making processes by providing reliable historical information. Overall, it is crucial for maintaining operational integrity and fostering trust.

Profits and losses are determined via the income statement. When you close out the books for the year that profit or loss gets closed and becomes part of the retained earnings. A loss would decrease retained earning and a profit would increase it. Loosely put, the retained earnings account is a cummulation of all the profits and losses over the years (not counting any other things that affect the bottom line like dividends paid out and such)

This is a good thing!

Not sure what your question really is, might want to add a bit more to it. However, what happens in this case is that you have a profit and depending on who you are and where you are you just might have some taxes to pay on that profit.

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The government and companies

The tax system typically depends on the principle of equity, which emphasizes fairness in tax distribution among individuals and entities. This principle can be further divided into horizontal equity, where individuals with similar abilities to pay owe similar amounts, and vertical equity, where those with greater financial capacity contribute more. Additionally, the system often relies on the principle of adequacy, ensuring that tax revenues meet the government's funding needs for public services and infrastructure. Lastly, simplicity and efficiency are also crucial, aiming to minimize compliance costs and economic distortions.

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Because they are Expenses and are supposed to be deducted so as to ascertain the real value of profits earned in a given period of time

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rgterter

harnessing energy,improving industry,air pollution,changing values,modestication of nature

A layout audit is a systematic evaluation of the design and arrangement of elements in a visual layout, such as a webpage, advertisement, or printed material. It assesses factors like alignment, spacing, hierarchy, and overall aesthetic to ensure effective communication and user experience. The goal is to identify areas for improvement that enhance visual appeal and functionality while ensuring consistency with brand guidelines. By conducting a layout audit, designers can optimize layouts for better engagement and usability.

For all my fellow students, the correct answer is SALES tax. :)

To generate revenues to pay for government expenditures.

In Australia, the frequency of audits by the Australian Taxation Office (ATO) can vary based on several factors, including the size of the business, its compliance history, and the industry it operates in. Generally, there is no set schedule for audits; they can happen randomly or be triggered by specific issues, such as discrepancies in reported income or deductions. Businesses with a history of compliance may experience fewer audits, while those with inconsistencies may face more frequent scrutiny.

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