NounThe Internal Revenue Service selected us for anaudit.You will need all your records if you are selected forauditby the IRS.VerbTheyauditthe company books every year.The Internal Revenue Serviceauditedhim twice in 10 years.Iauditedan English literature class last semester. ...
The IRS audits questionable income tax returns. 2. To attend (a course) without requesting or receiving academic credit. 3. To examine or evaluate (something) thoroughly: audit a house's energy consumption. v.intr. To conduct an audit. [Middle English (influenced by auditor, auditor), from...
During an audit, an IRS official may question the taxpayer about a particular transaction or transactions that appear on the taxpayer's return or may conduct a thorough investigation of the taxpayer's entire tax return. Although many people fear audits by the IRS, the percentage of returns ...
The IRS's high-wealth exam squad is even getting back into the action. This specialized group within the IRS tackles examinations of the super-rich. Revenue agents take a kitchen-sink approach in auditing these individuals by reviewing not only their 1040 returns, but also returns of entiti...