Preparing For an Audit
According to the Merriam Webster online dictionary, "an audit is a formal examination of an organization's or individual's accounts or financial situation." It is an investigation conducted by the IRS to determine whether the information provided to the government on the tax return is correct and whether the proper amount of tax was paid. The burden of proof during the audit is on the taxpayer - you have to prove to the government that all of the information on your tax return like income, the exclusions, exemptions, deductions and credits are true and correct. Typically, an audit is not a welcome event for any organization or individual. ...
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