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Definition of 'Correspondence Audit'
Tax audits that the IRS performs by mail. Correspondence audits are the lowest level of auditng performed by the IRS. The IRS sends the taxpayer a written request for additional information about a specific item or issue on a specific tax return. If the taxpayer can produce sufficient evidence to resolve the issue, the procedure is closed.
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Investopedia explains 'Correspondence Audit'
A correspondence audit is considered the least serious form of an audit because it is generally only used for relatively simple matters and involves small amounts of momey. The next step after a correspondence audit is an office audit, where the IRS requires the taxpayer to come to an IRS location to discuss the issue in question.
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Search results for 'Correspondence Audit'
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http://financialedge.investopedia.com/financial-edge/0511/What-To-Do-If-You-Get-Audited.aspx
... Understand why you are being audited and what type of audit the IRS is subjecting
you to - is it a correspondence audit, an office audit or a field audit? ...
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http://financialedge.investopedia.com/financial-edge/0210/Audit-Stories-You-Wont-Believe.aspx
... audits of individual tax returns are simple and are handled through correspondence,"
says Farrukh ... that the IRS only has three years in which to audit a return. ...
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http://www.investopedia.com/articles/financialcareers/07/rule_2211.asp
... literature is filed with regulatory authorities, much of the audit will typically
be ... and "Principal Pre-Use Approval of Certain Member Correspondence Sent to ...
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http://www.investopedia.com/articles/financialcareers/08/accounting.asp
... job would deal with the traditional areas of tax, audit and financial ... is generally
a must, although junior colleges and business correspondence schools offer ...
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http://www.investopedia.com/exam-guide/series-26/recordkeeping-rules/sec-section-17.asp
... one copy of all documents, including all correspondence, memoranda, papers ... financial
statements, branch office reconciliations and internal audit working papers ...
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http://www.investopedia.com/exam-guide/cfa-level-1/ethics-standards/standard-cfa-responsibilities.asp
... Financial Statement Footnotes; 6.25 The Auditor and Audit Opinion; 6.26 Financial
Reporting Objectives and Enforcement; 6.27 Accounting ...
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