A tax refund is a state or federal reimbursement to a taxpayer who overpaid the taxes that they owed for the year, often by having too much withheld from their paychecks.
Definition: A financial audit is an examination of an organization's financial statements and related operations to ensure they are accurate and conform to accounting standards. Purpose: To provide assurance that financial statements are free of material misstatement and to give stakeholders confidence in...
What is the statutory audit register? What are the statutory audit requirements? What is the difference between a statutory audit and a non-statutory audit? What is the difference between a statutory audit and a tax audit? What are standard statutory audit fees? We can help A statutory audit...
General definition of a tax home The IRS defines your tax home as the "entire city or general area" of your workplace. If you work in Pittsburgh, for example, then your tax home is the entire Pittsburgh metro area. The tax home designation typically doesn't have anything to do with whe...
On this page, you'll find the legal definition and meaning ofAudit, written in plain English, along with examples of how it is used. What is Audit? (n) Audit is the examination of the records of a business entity, to form an opinion about the authenticity of such records, by verifying...
WHAT ARE YOUR CHANCES OF A TAX AUDIT?Richard Schroeder
The State Board of Equalization of California often uses a “mark-up audit” when it suspects that the reported sales were understated, especially where a cash intensive business is concerned. It is often employed when the taxpayer’s records “cannot be verified by a direct audit approach,” ...
Here’s what actually happens during a tax audit – and what you can do to help the process go as smoothly as possible. What Is a Tax Audit? “A real audit starts with the fact that the IRS computer has identified a difference in the average percentage of write-offs on th...
Definition An asset is a resource that an individual, corporation, or country owns or controls with the expectation that it will provide a future economic benefit. What Is an Asset? An asset is a resource witheconomic valuethat an individual, company, or country owns or controls with the expe...
1. Ensuring Tax Compliance (and Optimizing Liability) The most important reason to use financial reports is that you have to and are required by law to do so. The Internal Revenue Agency uses these reports to make sure you’re paying your fair share of taxes. ...