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Tax Audits

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.

1,102 Questions

What is the purpose of measuring profit and loss?

to be able to measure the efficiency and performance of the business.And compare with other competitors

What are two differences between an internal audit and an external audit?

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 agencies.

Do US citizens with another citizenship who have never lived in the states have to pay TAX?

IF they have income derived in the United States or from property located in the United States, the answer is yes.

Basic principle of sound tax system?

(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 - means that tax laws should be capable of convenient, just and effective administration.

What is administrative audit?

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 of financial control and management and the results achieved in the light of the potential physical and human resources, and measure the reflection effects of non-financial aspects of the company's activity and the relevant authorities using methods updated , in order to assess management performance for the company, and the rationalization of management by directing their eyes and their attention to increasing citizen or excessive profitability by providing recommendations, including weaknesses and inefficiencies in the activities of inspection and audit, and to clarify the causes and methods of treatment.

What is W.H.T in financial terms?

W.H.T, or Withholding Tax, is a tax deducted at source from payments made to individuals or entities, typically on income such as salaries, dividends, or interest. This tax is withheld by the payer and remitted to the tax authorities on behalf of the recipient. The rate and regulations governing withholding tax can vary by jurisdiction and depend on the type of income. It serves to ensure tax compliance and streamline tax collection for governments.

What is IRS code 5511?

If you mean Internal Revenue Code Section 5511, it has to do with the manufacture of fruit concentrates. You probably mean Electronic Filing Error Code 5511 which means that your direct deposit request was returned by the bank due to some error you made and therefore will be mailed to you after it is received back by the IRS. This will add at least two weeks to the process. Be glad that it was not deposited into someone else's bank account and them spending it due to your error.

Can you be a lawyer at ja biztown?

You could be an attorney. They present and fight cases. they sign some checks and papers and they say something at the closing of JA BizTown. hope this helps!

Website design services in Atlanta GA?

Deluxe has been an industry leader in providing everything from business checks and forms, to promotional products, logo design, website design, and other marketing services, as well as payroll services and more. Deluxe has everything a business needs.

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How much is tax for 30.00?

For 1.00 there is 13 cents tax so just divide it.

How much tax do ypu pay on 26000?

on an estate settlement how much money in tax will i pay on $26000.00

What does reference number 9001 from IRS mean?

Error code 9001 indicates that you may have made an error in entering your Social Security Number/TNN number OR that the number you entered did not match the number on the tax refund on record.

What are purpose of audit working paper?

Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.

Can you turn someone in for tax evasion?

You can certainly report someone for tax evasion or tax fraud, and the IRS might even pay you a portion of the taxes they collect from the offender as a reward. There is a special form used to report tax evasion and tax fraud to the IRS: Form 3949a, "Information Referral".

What does the Line Tech at ja biztown do?

I just went today. A line tech turns on lights, asks the ceos if they paid their bill, and turns off the lights.

What is the difference between profit and loss account and profit and loss appropiation account?

Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.

The tax business pay is called?

The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes.

All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Refer to Business Structures to find out which returns you must file based on the business entity established.

Go to the IRS gov website and use the search box for Business Taxes