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Tax Audit

  • 09-09-2009 8:52am
    #1
    chelseafc
    Closed Accounts Posts: 2 ✭


    Query really, just read in my local paper that a certain individual (architect) whose service I had used in the past owed the tax man almost a 100,000.

    So, what actually happens in a tax audit.


Comments

  • #2
    Dan Chipowski
    Closed Accounts Posts: 1,072 ✭✭✭Dan Chipowski


    In basic terms it's an examination of a taxpayer's tax returns, and books and records to ensure all sources of income have been declared and have been correctly returned etc.

    It usually involves an extremely thorough examination of accounts and all supporting documentation you have to go with it.


  • #3
    Donagh_mc
    Closed Accounts Posts: 93 ✭✭Donagh_mc


    An audit is basically about the taxman reviewing your accounts to see that everything you filed in your tax returns is accurate. As well as accuracy they check whether people "forgot" to declare certain money earned, assets, etc.

    The taxman will pick a period of time they want to review, say two years, then the individual will have to provide all returns with relevant supporting documentation. If all the figures add up there should be no problem.


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