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Finance Dictionary and Glossary of Investment Terms
Tax audit
Definition 1.
The tax audit is a process where the Internal Revenue Service tries to confirm the numbers that you have put on your tax return. The IRS defines an audit as “an impartial review of the taxpayer’s return to determine its completeness and accuracy.”
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Definition 2.
Audit by the IRS or other tax-collecting agency to determine whether a taxpayer has paid the correct amount of tax.
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