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In the United States, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax laws .
For the 2023 tax year, single U.S. residents must file Form 8939 if their foreign assets exceed $75,000 at any time during the tax year or $50,000 as of the end of the tax year. If you file ...
A tax audit is an examination of an individual or business tax return by the IRS to ensure the taxpayer has accurately reported income and paid the correct amount of taxes.
Audits can be scary and intrusive, but making mistakes on your taxes is not a crime — and the IRS doesn’t prosecute tax crimes, anyway. The Justice Department does.
How To Handle a Tax Audit — And When To Hire Help. John Csiszar. April 7, 2023 at 7:00 AM. DNY59 / Getty Images/iStockphoto.
Friendlier sales and use tax audit - While state taxing authorities typically reserve the right to audit taxpayers who come forward pursuant to a voluntary disclosure agreement, the audit will typically be limited to the reduced look-back period, and it would generally focus more on understanding and confirming the reasonableness of the ...
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