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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 .
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040 . A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if ...
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. Tax audits can be ...
According to the IRS, an audit is “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the ...
The best way to prevent an audit is to avoid tax scenarios that catches the IRS's attention in the first place. ... A correspondence audit — the lowest form of an audit and not a full ...