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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 .
There is evidence that shows the differences in the impact between short-term and long-term tenures on auditor independence. An example of the negative effects a long-term tenure has on auditor independence is the consideration to issue a going-concern opinion.
Consultant auditors are external personnel contracted by the firm to perform an audit following the firm's auditing standards. This differs from the external auditor, who follows their own auditing standards. The level of independence is therefore somewhere between the internal auditor and the external auditor.
A tax advisor may be an obvious choice but you might also consider asking your financial advisor for tax tips. Understanding the differences between a tax advisor and a financial advisor can make ...
Hugh Ault and Brian Arnold, in their book "Comparative Income Taxation", have observed that in The Netherlands, where financial accounting is known as "commercial accounting", there is a substantial divergence between those and the tax books. "[D]ifferences between tax and commercial accounting rules arise where the tax instrument is employed ...
Tax-deferred accounts and tax-exempt accounts have some similarities, but they are used for different purposes. Here's how to know which one is right for you. Tax-Deferred vs. Tax-Exempt Accounts ...
The primary difference between a tax credit versus a tax deduction is that a credit reduces the amount of tax you owe, and a deduction reduces your taxable income. How a Tax Credit Affects Your ...
For example, if the year-end is 31 December, the hard close may provide the auditors with figures as at 30 November. The auditors would audit income/expense movements between 1 January and 30 November, so that after year end, it is only necessary for them to audit the December income/expense movements and 31 December balance sheet.