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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 .
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Although your chances of being audited are very slim -- as of tax year 2022, just 0.38% of tax returns triggered an audit -- it's still something you may want to take precautions to avoid. While ...
[citation needed] The goal of the audit was to assess whether or not gift taxes needed to be paid on these donors' donations to Freedom's Watch. [61] The Congressional Research Service said that the audit was legally well-founded, as tax law exempts only 501(c)(3) and 527 groups from gift taxes. [62]
RSM International was founded in 1964 as a small network called DRM (Dunwoody, Robson Rhodes, and McGladrey & Pullen). [4] The organisation restructured in 1993, changing its name to RSM International. [4]
The burden of the IRS audits disproportionately falls on lower-income families, with households making less than $25,000 facing the largest audit scrutiny among other income ranges in 2022 ...
A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA, [1] pronounced / ˈ iː b ɪ t d ɑː,-b ə-, ˈ ɛ-/ [2]) is a measure of a company's profitability of the operating business only, thus before any effects of indebtedness, state-mandated payments, and costs required to maintain its asset base.