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LSDefine

Simple English definitions for legal terms

tax audit

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A quick definition of tax audit:

A tax audit is a review of an individual or organization's tax return by the Internal Revenue Service (IRS). The purpose of the audit is to ensure that the taxpayer has accurately reported their income and deductions and complied with tax laws and regulations. During the audit, the IRS may examine the taxpayer's financial records and supporting documents. Taxpayers may be selected for an audit randomly or based on certain criteria, such as high deductions or unusual income. It is important for taxpayers to keep accurate records and be prepared for a potential audit.

A more thorough explanation:

A tax audit is a formal examination of an individual's or organization's accounting records, financial situation, or compliance with tax laws and regulations. The Internal Revenue Service (IRS) conducts tax audits to ensure that taxpayers are reporting their income and deductions accurately and paying the correct amount of taxes.

  • 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 tax audits that the IRS may conduct. A correspondence audit is conducted through mail or telephone, while a field audit is conducted at the taxpayer's business premises or lawyer's offices. An office audit is conducted in the IRS agent's office. These audits are conducted to ensure that taxpayers are complying with tax laws and regulations.

taxation of costs | tax avoidance

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kms
i think they want me to take the june one in this case
above their median for everything chat i'm ending it
I applied NYU on October 8th like r give up right?
16:46
wtf
16:47
i'd reach out to their admissions and check up on it
I did 2x and they said "The vast majority of candidates who have submitted their complete application by our deadline will be notified by the last day of April"
like kinda fucked
16:50
ugh that's so annoying
law schools that ghost should give you your money back
or reject
like man GIVE IT BACK!!!!
ClassyPleasantHeron
16:56
Schools explicitly asking applicants to retake the LSAT are TTTs pretending to be 2nd tier.
LMAOOO
like man oklahoma more like oklahowaboutyoueatmyshoe
me when that person on reddit said UofU wave and it's.... 3 people
help who just posted that right after I started bitching in chat
my heart fell straight into my ass mind u
and i just got a fucking app status tracker update... not for UofU... my BP is so spiked rn
QuarrelsomeTurkey
18:29
does anyone know if bu ever releases after 5 pm
Lol @jupitersmoons It feels like UofU is screwing with us haha
fr like I know it"s Mountain Time but bestie we have less than half an hour before typical EOD
what we doing
Real
19:17
new COAs are out
19:37
Anyone know how long it takes to get aid package after getting admitted to UChicago or Northwestern?
I’d ask in the t14 chat bc lol it may be a bit until you can get someone who can answer that question here
21:19
@syddak: Oof tough spot. Congrats on the As. Did either indicate either via email/mail that they would be following up with aid, and if so, did they provide a time frame? It may be acceptable to email them and indicate seat deposits are fast approaching and you are curious if you can expect further info (aid) from the school to aid u in ur decision..
0:26
@UnderRepresentedTryhard: that’s a greater than sign. Meaning outside t14
0:27
Schools>t14
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