Questions tagged [audit]

QuasarGlider Sat Nov 09 2024 | 6 answers 1379

I am wondering if the Internal Revenue Service (IRS) will conduct an audit on the Employee Retention Credit (ERC). I need to know the likelihood or possibility of this happening.

HallyuHeroine Fri Nov 01 2024 | 5 answers 862

I'm trying to understand the meaning of CTB in the context of auditing. Could someone explain what CTB stands for and its role in the auditing process?

Stefano Sun Oct 06 2024 | 6 answers 1444

Can you tell me what factors typically prompt a cryptocurrency audit? Are there specific regulatory requirements that must be met, or is it more of a discretionary decision by authorities? Do irregularities in trading patterns or suspicious activity often lead to an audit being initiated? How does the process typically begin, and what kind of information or documentation is usually requested during the audit process?

CryptoWizard Sat Sep 14 2024 | 5 answers 932

I'm curious about the extent of the IRS's reach when it comes to auditing cryptocurrency transactions. How far back can the IRS go in their investigations? Is there a specific time frame they typically adhere to, or do they have the ability to delve into years of transaction history? And what factors might influence their decision on how far back to audit?

Valentina Thu Sep 05 2024 | 7 answers 1052

Certainly, here's a possible question based on the paragraph "Does IRS audit crypto?" "Good day, I've been hearing a lot about cryptocurrency and its potential for both investment and tax implications. I'm curious to know, does the IRS actually audit cryptocurrency transactions? If so, what are the main factors that would trigger such an audit? And how should I go about preparing for the possibility of an audit if I'm involved in cryptocurrency trading or ownership?