Office Audit

Dictionary Says

Definition of 'Office Audit'

An examination of a taxpayer's records by the Internal Revenue Service to ensure the taxpayer's compliance with tax laws. In an office audit, the IRS interviews the taxpayer and inspects the taxpayer's records at an IRS office. The purpose of an office audit is to make sure the taxpayer is accurately reporting income and paying the lawful amount of tax.

Investopedia Says

Investopedia explains 'Office Audit'

The IRS may select a tax return for audit at random as part of routine compliance efforts; a tax return may also be selected because of suspected errors based on mismatched documents or the examination of related taxpayers' returns. Taxpayers are notified of audits by mail, and the audit itself may be conducted by mail, at an IRS office, at a taxpayer's home or business, or at an accountant's office. IRS Publication 556 provides details on the office audit process.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. 1040 Form

    The standard ...
  2. Audit

    1. An unbiased ...
  3. Income Tax

    A tax that ...
  4. Internal Revenue Service - IRS

    A United States ...
  5. Loophole

    A technicality ...
  6. Taxes

    An involuntary ...
  7. Revenue Agent

    An accountant ...
  8. Appeals Conference

    A conference ...
  9. Correspondence Audit

    Tax audits that ...
  10. Unqualified Audit

    Also known as a ...

Articles Of Interest

  1. Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  2. IRS.gov

    The source of all things tax related in the United States
  3. How To Appeal Your IRS Audit

    The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
  4. Tax Court: Your Last Resort

    Appealing an unfavorable or unfair tax ruling may be your last chance to save your finances.
  5. 12 Things You Need To Know About Financial Statements

    Discover how to keep score of companies to increase your chances of choosing a winner.
  6. An Inside Look At Internal Auditors

    Find out why these number crunchers are part of every chief officer's dream team.
  7. Avoid An Audit: 6 "Red Flags" You Should Know

    Don't make yourself a target - steer clear of these attention-grabbing tax-filing practices.
  8. A Look At Accounting Careers

    More than just crunching numbers, this career blends detective work with trouble shooting.
  9. The Impact Of Combining The U.S. GAAP And IFRS

    The convergence of accounting standards is changing the attitudes of CPAs and CFOs toward harmonization of international accounting.
  10. Analyze Cash Flow The Easy Way

    Find out how to analyze the way a company spends its money to determine whether there will be any money left for investors.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center