Business, Legal & Accounting Glossary
A comprehensive IRS tax audit performed by inspectors on site at either a person’s place of business or the office of the authorized representative who filed the tax forms. The investigators review all financial records and returns. Potential consequences of a field audit that turns up errors or fraud include penalties such as payment of additional taxes owed, liens on property, fines, garnishment, criminal investigations, and court hearings.
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This glossary post was last updated: 20th November, 2021 | 0 Views.