Correspondence Audit

Tax audits that the IRS performs by mail. Correspondence audits are the lowest level of auditng performed by the IRS. The IRS sends the taxpayer a written request for additional information about a specific item or issue on a specific tax return. If the taxpayer can produce sufficient evidence to resolve the issue, the procedure is closed.

A correspondence audit is considered the least serious form of an audit because it is generally only used for relatively simple matters and involves small amounts of momey. The next step after a correspondence audit is an office audit, where the IRS requires the taxpayer to come to an IRS location to discuss the issue in question.

Investment dictionary. . 2012.

Look at other dictionaries:

  • correspondence audit — An examination of the accuracy of a taxpayer s income tax return conducted through the mail by the Internal Revenue Service, which sends the taxpayer a request for proof of a particular deduction or exemption taken by either completing a special… …   Law dictionary

  • correspondence audit — An audit conducted by the Internal Revenue Service through the use of the mail. Typically, the I.R.S. writes to the taxpayer requesting the verification of a particular deduction or exemption. The completion of a special form or the remittance of …   Black's law dictionary

  • audit — Systematic inspection of accounting records involving analyses, tests, and confirmations. The hearing and investigation had before an auditor. An audience; a hearing; an examination in general. A formal or official examination and authentication… …   Black's law dictionary

  • audit — An independent review of an asset, liability, activity, organization, or set of *financial statements. Audits are usually performed to support or refute defined *audit objectives, and normally result in an *audit opinion on the matter under… …   Auditor's dictionary

  • Field Audit — An audit is an investigation conducted by the Internal Revenue Service (IRS) into a taxpayer s financial records and tax return(s). A field audit is a systematic investigation by the IRS that is conducted at the taxpayer s place of business or at …   Investment dictionary

  • Information technology audit process — Information technology audit process:Generally Accepted Auditing Standards (GAAS)In 1947, the American Institute of Certified Public Accountants (AICPA) adopted GAAS to establish standards for audits. The standards cover the following three… …   Wikipedia

  • Climate Audit — URL Type of site Blog Available language(s) English Owner Steve McIntyre Created by Steve McInt …   Wikipedia

  • external audit — An *audit of *financial statements by independent individuals or organizations. *Robert Khun Mautz has suggested that the role of external auditing in an advanced economic society can be and has been stated in very simple terms to add credibility …   Auditor's dictionary

  • office — A right, and correspondent duty, to exercise a public trust. A public charge or employment. An employment on behalf of the government in any station or public trust, not merely transient, occasional, or incidental. The most frequent occasions to… …   Black's law dictionary

  • United Kingdom — a kingdom in NW Europe, consisting of Great Britain and Northern Ireland: formerly comprising Great Britain and Ireland 1801 1922. 58,610,182; 94,242 sq. mi. (244,100 sq. km). Cap.: London. Abbr.: U.K. Official name, United Kingdom of Great… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.