LYCOS RETRIEVER 
Irs Audit
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The tax refunds are subject to examination and adjustment by the Internal Revenue Service (IRS) under its normal audit procedures. In accordance with GAAP, AWI has reserved $145 million on the balance sheet pending completion of the IRS audit. Any tax losses disallowed for a 10-year carry back would be available to carry forward, and provide approximately equal value.
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When an IRS audit is scheduled at your home or office it should be considered a serious matter. The revenue agents handling these types of audits have received a great deal of training beyond the typical Tax Examiner. Naturally, during any type of audit, it can lead to audits of other tax years and other tax deductions. For that reason, it’s recommended to hire a tax resolution expert who can professionally asses your options, defend your position and get you all your rights.
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The audit is not complete until the agent's supervisor receives the results and you receive a "Revenue Agents Report." If the IRS concludes that your tax liability has changed, they will ask you to sign a waiver. It is a good idea to seek professional advice before signing.
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The IRS must explain its audit procedures to you in writing prior to your first meeting. You must be informed of your rights during an audit, including your right to appeal an adverse decision. Tax-due or deficiency notices must clearly describe the basis for and specifically identify the tax, interest, additional amounts and additional penalties due. If you received IRS written advice you may now rely on it without fear of penalties, should that advice later prove wrong.
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When the IRS begins an audit of your organization, the possible consequences might be much more serious than simply a bill for tax due. Your exempt organization might lose credibility with the public and with donors, tax-exempt financing, and possibly its exemption altogether. Caplin & Drysdale can defend your exemption – and everything that depends upon it – when the IRS examines you.
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IRS tax audits are triggered by errors, omissions, complex transactions and random selection. It often takes a CPA tax professional to resolve an audit or tax inquiry. Protect yourself from the financial burden and emotional stress of a tax audit and inquiries from the IRS or state tax authorities.
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Irs Audit