Tax Audits

profit is when the company is making money and a loss is the company is not making money.

According to 27 CFR 53.61(c), there is an 11% Federal excise tax on ammunition. However, this is already reflected in the shelf price of ammunition; there is no tax directly on the consumer purchasing ammunition.

A freight logistics audit will generally cover both inbound and outbound transportation as well as other logistics related activities such as stock management, warehousing or trade compliance.

A Logistics audit will invariably start with gathering quantitative and qualitative data from key stakeholders and with analyzing and interpreting this information. The main departments collaborating in data collection and interviews will typically be Logistics and Transportation as well as Warehousing, Purchasing, Production, Trade Compliance, Customer service and IT departments. All these departments are involved directly or indirectly in the supply chain and can provide a valuable insight on the situation as well as benefit from the outcomes of the audit.

Typical findings will generally relate to the (without being limited to) logistics sourcing strategy, customs compliance performance, HTS management, freight optimization and consolidation, order and stock management, ERP and logistics systems interaction, process streamlining and unification, premium transportation limitation and regulation, logistics provider portfolio strategy and contract management.

The ultimate purpose of the logistics audit is to objectively evaluate the entire process in order to identify any inefficiencies, bottlenecks, and waste(1). provide suggestions for improvements and modifications summarized on "to-be" maps and adequately prioritized. Specific recommendations, action items and risk assessments will accompany these suggestions and solutions to help with their implementation.

In a nutshell, a freight logistics audit will identify good working practices and improvement or optimization opportunities inside the logistics chain of an organization through an objective assessment and data benchmarking and moreover, will map a road leading both to qualitative service improvement and logistics savings and cost avoidance.

how can we maintain/ prepare the fixed assets register? pleases tell me with proforma.

Federal laws specify how long you must retain the documentation to support the filing of income tax returns.

For most taxpayers, this period is three years from the original due date of the return or the date the return is filed, whichever is later. For instance, if you filed your 2006 Form 1040 April 17, 2007 or sooner (disregarding the extended NE "storm" due date), the IRS has until April 17, 2010, to audit the return and assess a deficiency if necessary.

The statute of limitations period extends to six years if a return includes a substantial understatement of income (defined as omitting income greater than 25% of the amount reported on the return). There is no statute of limitations if a taxpayer fails to file a tax return or commits fraud. A taxpayer is considered to have committed fraud if he/she submits a false return or if there is a willful attempt to evade tax.

If a required return is not filed, the records must be kept forever, as the statute of limitations does not begin until the form is filed. Failure to keep adequate records is a separate violation from failing to pay or to file.

And of course anything in a return that may be required to prove a position in a future return, should be kept as support for that position. For example, basis calculations that effect an ongoing holding, amortization of mortgage points etc.

There may be non-tax reasons to retain these records. If you are unsure you should contact a financial advisor and/or tax specialist.

And finally, it ain't really that hard to keep them around...and having them really can't do you harm. ( I say, only slightly cynically, I've seen people who seen to be in a great rush to throw them out and feel they make a mess....while they have piles of laundry and garbage laying around that are probably older).

"What are the limitations of profit and loss account?"

ISA 250 consideration of laws and regulation in an audit of financial statement

== == NO

I will not say it is impossible, however, most individuals who attempt something this drastic wind up dropping out of college. There are some accelerated programs offered by colleges and universities, but I am not aware of any that would cut that much time off.

In a financial audit, the management of an organization asserts that the financial statements are prepared in accordance with generally accepted accounting principles (GAAP), the applicable criteria.

If it is an at will state, there is nothing the employees can do. They may have a case with the EEO and should check with them and file immediately if they do.

* to improve tax compliance its necessary to cultivate a culture of harmony among tax payers & tax collectors i.e. by establishing tax payers friendly environment & policies and by appreciating their contribution to national development & progress, making tax payers feel pride in paying taxes as their taxes are adding value to others life (hospitals,parks, school, bridges every thing becomes possible because it the tax that has been paid). * With the steadily increasing numbers of rules and regulatory guidelines, managing them has become a growing concern for enterprises. Since compliance is not a one-time event, and has to be sustained, business establishments are now on the look-out for compliance management solutions to ease the process of integrating compliance within the business structure to ensure prolonged, risk-free operations.

No, they can't attach levy on SSDis benefits if that is your only sourec of income.

The short answer is NO.

Simply owing taxes and being unable to pay them is not a crime punishable by imprisonment.

However, if the reason for owing the tax was due to tax EVASION then you could go to prison for the crime of EVASION. That is for taking illegal actions to evade paying the tax that you owe.

Not having kept records is a separate offense on top of whatever tax payment problems may be suspected. Contact a tax attorney or criminal attorney who specializes in white-collar crime immediately.

Make sure you are the one actually being summonsed. A lot of times the IRS will summons your bank to provide bank statements, etc. and will send you a copy of the summons. I've had a lot of clients mistake this for being served a summons themselves.

Think... ENRON, Tyco, etc. The practice of inappropriately misconstruing income statements for the purpose of pleasing investors and inflating stock prices.

The intent of the document is to show both the income and expenses.

Answer: legal and statutory reserves There is no difference. Both legal and statutory reserves are reserves that must be maintained by law. The previous answer ("Legal reserves are stipulated by law, while statutory reserves are determined in the Articles of Association (the Statute of a company)") is incorrect: the primary meaning of 'statutes' is 'enacted laws'

Audit does not mean whether the processess set in are in place. The holistic view of audit is also to alert the stakeholders of strategic failures. Hence swot analysis is carried out to ascertain the strength, weakness, opportunities and threats. Swot analysis enables focus on what is to be done, which area to be looked into a greater detail etc. Hence it forms part of audit planning process.

If the vacation in question is considered a reward and not a job requirement, then it can be considered part of your income by the IRS and taxed accordingly. You always have the option of declining it and not being responsible for any tax.

borrowing money is when you ask somebody to politely lend you a few dollars or even a wad of money, until you pay them back without interest.

The free tax day for Georgia has not been set yet as of June 2014. The free tax day is usually in the first week of August.

the balance sheet formula is very hard to find

do you want the balance sheet with "fixed assets,current assets" then you are just gonna have to ask business teachers you know

try Google it(i know that's a common answer but no other way to get them so)

Direct