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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
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.
Possibly. The IRS has been known to take the position in delinquent tax collection matters that a bookkeeper in this scenario can be held a "responsible person" for payment of employment taxes. If the employment taxes are not paid over to the IRS then the IRS looks to collect the so-called Trust Fund portion of the employment taxes (plus interest and penalties) from anyone they deem a "responsible person". The company bookkeeper is high on the IRS target list of people they try to pin the blame on.
What is the difference between an accounting review and an audit?
Publicly traded companies are required to have audits. Reviews are similar to audits, but are less comprehensive in scope. Private companies often opt for reviews instead of audits because they are less costly. Private companies may also request an accounting review in order to meet the requirements of a lender or private investor.
How do you remove penalties and interest on taxes owed?
In order to remove penalties and interest on taxes owed you must do two things.
First, for penalty abatement you must submit a request to the IRS requesting that the penalties be abated due to mitigating circumstances beyond your control which prevented you from paying your tax in full, on time. Plus you have to be able to prove your explanation. IRS is very unforgiving in these matters and it takes a good story to get them to respond.
Second, for interest abatement you must submit a request to the IRS proving that the amount of interest charged against you has been a result of their own mistake in handling your account. IRS is very reluctant to ever admit that they make mistakes, so this has to be clear, convincing proof beyond a doubt.
Can tax exempt income qualify as support?
Need more info to answer properly, but if I understand what you're asking: Income that is not subject to income taxes (tax exempt investments, inheritance income from an estate, life insurance proceeds, etc) can certainly be considered income to support oneself - (IE If someone asks how you support yourself when you have no job... you may have income sources that are tax exempt that provide you with enough income to live a very comfortable lifestyle.) If you're asking for purposes of support as in child support or spousal support - then I believe that is negotiable prior to settlement of the divorce / child support case. If you're asking if tax exempt income qualifies as income for a dependecy exeption, then the answer is yes. So long as the income is enough to cover 50% of the expenses to maintain the household / provide for the child, etc.
Is current use tax tax deductible?
Well yes and no. Under a recent change in the tax laws, sales or use taxes are deductible under certain rules IF you elect to, and beneficial if they are more than the State income taxes. This equalizes the deductible State taxes for those living places that have no (or small) income taxes.
Absolutly, a job in accounting involves mostly all math, one job in accounting is a cpa, they read bills, write about opions and their solutions to bills, and the bills involveall math, so a job in accounting such as cpa, requires about at least higher than 50% math, I say it requires about 65% math, 30% finance, and 5% law/ just a tiny amount of law classes only used in about 5% of the job.
Revenues = Sales
Revenue is the amount of money charged for the usual product or services sold by a business.
Form 1065, is an IRS form for filing returns for Partnership Firms in the United States, where the partners/owners pay taxes on the firm's incomes. Thus avoiding the double taxation system on C Corporations (Listed Companies like Microsoft and Google)
