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Simple English definitions for legal terms
audit of return
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A quick definition of audit of return:
An audit is a formal examination of an individual's or organization's financial records or compliance with certain standards. It can be conducted by an outside person or firm, or by the organization's own personnel. There are different types of audits, such as tax audits, compliance audits, and environmental audits. A tax audit is a review of a taxpayer's return by the IRS, while a compliance audit assesses whether an organization is following laws and regulations. An environmental audit evaluates a company's environmental management programs and compliance with regulations.
A more thorough explanation:
An audit of return is a type of tax audit where the Internal Revenue Service (IRS) reviews a taxpayer's return to ensure that it is accurate and complies with tax laws and regulations. This is done by examining the taxpayer's books, vouchers, and records supporting the return.
- Correspondence audit: An IRS audit of a taxpayer's return conducted by mail or telephone.
- Field audit: An IRS audit conducted at the taxpayer's business premises or lawyer's offices.
- Office audit: An IRS audit of a taxpayer's return conducted in the IRS agent's office.
These examples illustrate different types of audits of return that the IRS may conduct. They show that the IRS can conduct audits in different ways, such as through mail, in-person, or at the taxpayer's business premises. The purpose of these audits is to ensure that taxpayers are complying with tax laws and regulations and to identify any errors or discrepancies in their returns.