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Simple English definitions for legal terms
RAR
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A quick definition of RAR:
Term: RAR
Definition: RAR stands for Revenue Agent's Report. It is a document that is prepared by a revenue agent after conducting an audit or examination of a taxpayer's financial records. The report contains the agent's findings and recommendations for any adjustments or changes to the taxpayer's reported income or deductions. Essentially, it is a summary of the agent's investigation into a taxpayer's finances.
A more thorough explanation:
RAR
RAR stands for Revenue Agent's Report. It is a document prepared by a revenue agent after conducting an audit of a taxpayer's financial records. The report contains the agent's findings and recommendations for any adjustments to the taxpayer's reported income or deductions.
For example, if a business is audited by the IRS, a revenue agent will review the company's financial records and prepare a RAR. The report will detail any discrepancies found during the audit and recommend any necessary adjustments to the company's tax return.
Another example is if an individual is audited by the IRS, a revenue agent will review the person's tax return and financial records and prepare a RAR. The report will detail any discrepancies found during the audit and recommend any necessary adjustments to the person's tax return.
The examples illustrate how a RAR is prepared by a revenue agent after conducting an audit of a taxpayer's financial records. The report contains the agent's findings and recommendations for any adjustments to the taxpayer's reported income or deductions. This helps ensure that taxpayers are accurately reporting their income and paying the correct amount of taxes.