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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
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)
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.
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 .
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.
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.
How do you increase taxes without causing a revolt?
If politicians knew reliable answer, they would have raised all taxes sky-high years ago.
it verifies the accounts at the end of a financial year, conducted by an independent qualified accountant
There are many locations, including Portland (or) New Orleans, L.A. and NY and more!
What are the rights and duties of an auditor?
An auditor's job is to verify that the process is being used as documented and that the results of the business activities meet the requirements (agency certification). In order to accomplish the task, they have the right (and duty) to follow any audit trail to verify that the business is operating per the (ethical, moral, and viable) requirements and warrants the certification that they represent.
What is the public purpose of taxes?
What's meant by "public purpose"? Some would say taxes are used to redistribute wealth; Robin Hood like, from rich to poor. Others would argue that government has basic responsibilities (protection of its citizens, police, national defense, emergency services, build/maintain roads, bridges, parks, provide basic education to its citizens, to provide a fair justice system for all citizens). As citizens we have the responsibility to select (vote) for those people whom we think will do the best in our governing offices (city, county, state and federal) to carry out those services that we think government should be providing. Extensive government services = higher taxes. Minimal government services = lower taxes. I think what you may be asking indirectly is: "What is the purpose of government"? A simple question, yes but one that has been argued since the beginning of mankind. In essance, that is what our last election was all about.
Simply, taxes pay for all the things that are done for the public. Security, defense, arts, education, healh care, science, welfare, services, etc., etc.
What are the different ways to borrow money?
Loans, overdrafts and buying on credit are all ways of borrowing. Different methods of borrowing suit different types of people and situations. Whatever type of borrowing you choose, it's important to make sure you'll be able to afford the repayments.
Why tax is important for the government?
because they suck goled is the new government president baroco goled
When is the audit usually done?
When an accident is reported to OSHA or when return doesn't jibe with other years or deductions are excessive (IRS) if another type of audit-please restate.
Does the busy season for most audit work occur in late fall?
It depends on the country. But since most businesses have a fiscal year end of December 31st. The busy season is usually Nov to April.! However some countries may have companies with Sep 30th year end then the busy season would occur from Sep to Dec and so on.
What is the largest portion of the federal revenue?
The largest portion of the federal revenue comes from individual income taxes. In 2008, individual income taxes made up 45 percent of the federal revenue. In 2008, individual income taxes totalled $2.5 trillion.
For more information, go to the Urban Institute and Brookings Institution Tax Policy Center website, www.taxpolicycenter.org/briefing-book/background/numbers/revenue/cfm, to view 'The Numbers: What are the federal government's sources of revenue?'
Is business rates an expenses?
Yes, it's an expense for the business. Because business rate include rent, for example.
Are payroll taxes at a corporate level deductible on Federal form 1120?
All state and local taxes as well as FEDERAL PAYROLL TAXES are deductible when incurred on property or income relating to business.
But, FEDERAL INCOME TAXES are not deductible.
and Yea they are deductible on form 1120.
Hope tht helps!
What is the average income of an annual American worker?
The average wage is around 44,000 a year. This statistic fluctuates somewhat from state to state and what the average is there.
DISADVANTAGES
1. Frauds by management
Auditing fails to check planned frauds. The management can play tricks to manipulate the accounts in order to conceal their inefficiencies. The audited accounts could not show the true view.
2. Wrong certificate
Auditing is based on many certificates taken from management and other persons. Auditing may fail to provide the desired results. When certificates provides wrong information.
3. Misleading clarification
Auditing fails to disclose correct information. The management may not provide correct clarification. The auditor is bound to present his report even of the clarification is not true.
4. No true picture
The auditing does not present true picture. Auditing fails to disclose true picture when figures have been manipulated.
5. No correct view
Auditing fails to present correct view. There are limitations of accounting so figures are not facts. These figures are based on opinion. Thus auditing is unable to disclose correct view.
6. No suggestion
Auditing is not concerned with the management policies. The auditor cannot guide management for better use of capital. He is unable to suggest what should have been done.
7. Absence of honesty
Honesty and independence are highly essential traits. The auditor must certify what is true. The absence of honesty and independence means failure of audit purpose.
8. Bias of auditor
The auditing fails to present fair view due to bias of an auditor. It is the quality of an auditor that he should be independent. The bias auditing fails to help many people.
9. High cost
The audit work is completed without cost. The cost of audit should not exceed of errors and frauds. Auditing fails to serve million of business entities.
10. Past action
Auditing is nothing more than checking of past activities. It is not concerned with present or future. The audit fees increase the cost of business. Such cost does not help to improve market standing of enterprises.
The HSN is a multipurpose international product terminology acknowledged by the World Customs Organization. The purpose of using the HSN codes is to ensure that GST billing practices are in accord with international standards of product nomenclature.
Also every business with the coming of GST in India is required to declare a list of goods they are dealing in. The declaration is required along with the HSN code of such commodity and one HSN code has only one GST rate. The system will automatically select pick rate as per GST rate finder based on these HSN codes.
