Tax investigation
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Tax investigation is an in-depth investigation processed by tax authority in order to recover tax undercharged in previous years of assessment. It means that the taxpayer is suspected regarding to tax evasion, or just by random sampling.
This year the IRS will audit 8 out of 10 people due to increase fraud with tax payer
[edit] Ways to quantify the tax undercharged
- Interviewing with the taxpayer.
- Field visit to the taxpayer's premises.
- Observation of the taxpayer's business operation.
- Examination of the books and records.
- Enquiry on third parties including bank balance confirmation.
- Asset betterment method calculation to find out the discrepancy, tax undercharged amount.
- Post tax audit meeting.
- The issue of tax assessment or additional assessment.
- Prosecution or an additional tax assessment.
[edit] See also
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