tax audit
Revenue agency review
A tax audit is a formal examination of a person's or organization's financial records by a tax authority to verify that taxes were reported and paid correctly.
Audits range from simple requests for documentation to comprehensive investigations.
She kept seven years of receipts in case of a tax audit.
The prospect of being audited motivates careful record-keeping.
- taxpayerOne who owes government duties
- auditorFinancial records examiner
- recordkeepingMaintaining organized documentation
- appeal processProcedure for contesting decisions
- IRSFederal tax collector
discrepancies · flagged · back taxes · accountant · paper trail · statutory requirements · small business · enforcement policies · deductions · paperwork · ledger · penalties · refund · receipts · investigation · burden · review · records
- investigationsinvestigation report, investigation, review, FBI investigation, probe
- stressorsemergency, financial stress, work stress, deadlines, job interview
- taxationtaxable income, VAT, withholding, deductions, deduction
- audits
- business risksmarket risk, competition, data breach, cyberattack, recession
- business taxesdeductions, taxable income, federal taxes, business income, exemptions