From the course: Audit and Due Diligence Foundations
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Tax audits
From the course: Audit and Due Diligence Foundations
Tax audits
- Have you ever heard people say that they're being audited or maybe you've been audited? This isn't the same as paying a company to do an independent audit of your business. What it means is that the US Internal Revenue Service is going to take a look at your financial records. This is what's known as a tax audit and a tax audit can be focused on an individual or on a business. And to be clear, a tax audit is not an audit in accounting professional terms, although it can deal with a company's financial statements and tax filings. In the United States, a tax audit is initiated by the US Tax Authority, which is the Internal Revenue Service, or IRS, and the IRS can have the audit performed by CPAs, attorneys, or anyone else they designate. Those are the people who will come in and look at your records with one main thing in mind. Are you paying the appropriate amount of taxes or are you trying to avoid paying some taxes…
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