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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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