Field Audit

AAA

DEFINITION of 'Field Audit'

An audit is an investigation conducted by the Internal Revenue Service (IRS) into a taxpayer's financial records and tax return(s). A field audit is a systematic investigation by the IRS that is conducted at the taxpayer's place of business or at the office of the individual who prepared the return.

INVESTOPEDIA EXPLAINS 'Field Audit'

A field audit is a comprehensive review of the entire set of financial records. It differs from a correspondence audit in that it is conducted in person rather than by mail. In addition, a field audit is typically scheduled for more complicated audits and is more serious.

RELATED TERMS
  1. Notice Of Deficiency

    A letter from the Internal Revenue Service that advises a taxpayer ...
  2. Correspondence Audit

    Tax audits that the IRS performs by mail. Correspondence audits ...
  3. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  4. Revenue Agent

    An accountant who works for the U.S. Internal Revenue Service ...
  5. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
Related Articles
  1. How To Appeal Your IRS Audit
    Taxes

    How To Appeal Your IRS Audit

  2. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

  3. Don't Let Inaccurate Tax Forms Get You ...
    Taxes

    Don't Let Inaccurate Tax Forms Get You ...

  4. Avoid An Audit: 6
    Retirement

    Avoid An Audit: 6 "Red Flags" You Should ...

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center