0
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 are the rights of the persons being audited?
Basically none if you are talking about a government audit.
Any attempt to conceal information or mislead the auditors is considered illegal. Government audits are normally done under performed within the legal system and structure of the country in which you live; generally they give auditors the right to access all relevant financial information (not necessarily personal information) that pertain to the audit.
What are the right that enable auditors to carry out their duties?
general accepted accounting principles (GAAP)
Can i get Sums and solutions of accounts?
A Ltd. issued 1000,6% debentures of Rs 100 each payable as 10% on application,20% on allotment and balance on 1st and final call.journalise the transactions in the books of A Ltd.
What does the IRS code 1301 mean?
According to the Internal Revenue Manual, IRS reference code 1301 has a status description of "Fact of Filing Electronic return received more than 3 weeks ago; no other information." The IRS agent is referred to Return Found/Not Processed Section in Part 21-Customer Account Services of the Manual for guidance.
Code 1301 applies to a number of situations. One such situation is that the Agent learns from the taxpayer that incorrect direct deposit numbers were given on the return.
The Internal Revenue Manual is available online at the IRS website. The reference codes are available under the Refund Research Section at 21.4.1-4 Internet Refund Fact of Filing Reference Codes.
How long does a tax audit take?
Depends on what developes and how quickly you agree to suggested resolution
List several differences btwn accounting and auditing?
simply stated; accounting is recording, whereas, auditing is verifying the recorded information
If your income is less than 5000 a year how much will you pay in taxes?
For 2009, if you're Single with no dependents and income of less than $5,000, then you're not required to file. You'd be required to file if your income were at least $9,350. If income tax were withheld from you earnings in 2009, then you should file for a refund of all federal income tax withheld. Your income is zeroed out by your standard deduction of $5,700 plus your personal exemption of $3,650.
What types of taxes are included in the Payroll Taxes Expense account of an employer?
It depends entirely on the accounting policies of the company. Generally there are many accounts.
I assume you are asking that if you take a cash loan, withdrawal or surrender your policy for the cash value, will the money you receive be taxable? On a loan no, never. On a Surrender or withdrwal, only the cash that exceeds the amount of premiums you paid. Before surrendering a policy, check and see if you can get an offer from a life settlement. It usually is worth more than the cash value.
How do you contact your local IRS branch for a copy of your tax records?
Tax records prior to the 1980s may not be on microfiche and therefore may not be available to copy. Call the IRS to request transcripts by calling 1-800-908-9946. They are also available by mail and online.
Where can you get a copy of your tax id number?
The best place to inquire would be your local IRS office.
Be prepared to provide proof of your identity.
You might also find help at your local state income tax office as well.
Is there a job called a DJ in JA Biztown?
Yes, but only for the radio station(If there is one at your local biztown, at mine there is)
What is the the meaning of unrealised loss or unrealised profit in accounting terms?
UNREALIZED INCOME (paper profit) is profit which has been made but not yet realized or collected through a transaction, such as a stock which has risen in value but is still being held. also called unrealized gain or unrealized profit or paper gain or book profit. UNREALIZED LOSS is a term that commonly refers to the write-down of an investment portfolio resulting from applying the lower of cost or market value on an aggregate basis. On a short-term portfolio, the unrealized loss is shown on the income statement. On a long-term portfolio, the unrealized loss is presented as a separate item in the stockholder's equity section of the balance sheet. Capzper
How much do you owe hrblockfor tax prep fees?
hrblock says i owe them money for preperation fees .i need to know how much?
Is the 250000 capital gains exclusion by the IRS applicable to each home sale or is it cumulative?
It is applicable to each home sale as long as it is your principal residence for at least two of the past 5 tax years .
How do you manage the internal auditing department?
The MetricStream's Internal Audit Management solution is a comprehensive application designed to help companies manage a wide range of audit-related programs, data and processes. It provides flexibility to support all types of audits - internal audits, operational audits, IT audits, supplier audits and quality audits. The solution provides end-to-end functionality for managing the complete audit lifecycle including risk assessment, audit planning and scheduling, development of standard audit plans and checklists, field data collection, development of audit reports and recommendations, review of audit recommendations by auditees and management and implementation of audit recommendations and remediation.
What is the difference between tax free and tax deferred savings?
Tax free means that you will never be taxed on those savings. It's an exclusion as opposed to tax deferral where you will have to pay taxes sometime in the future. For example, when you contribute money to an IRA account, you can deduct that portion in the year that the contribution was made. However, let's say at the age of 75 you withdraw money from the account, that money will then have to be included in taxable income and will be subject to tax.
