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. Audit

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

    A United States government agency that is responsible for the ...
  5. Tax Return

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

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

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center