what is tax audit..it's merits and demerits also??
Answer (1)
23rd Dec, 2019
Dear Aspirant,
A tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate.
One of the biggest advantages of auditing is that it offers assurances to the owners, investors, shareholders etc. The owners of the business will be assured about the accuracy of their books of accounts.
Thanks
All the very best .
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