What does it mean to get audited?

Answer An audit typically refers to when the Internal Revenue Service analyzes your return to ensure that everything has been properly reported. The term, though, is actually much more broad, and can ref... Read More »

Top Q&A For: What does it mean to get audited

How far back can you be audited by the IRS?

The Internal Revenue Service, or IRS, has the legal right to go back three years from the day that your taxes are filed. If you are thought to have 25 percent or more of under-reported taxes, the I... Read More »

What is an audited financial statement?

An audited financial statement is prepared and certified by a certified public accountant. The CPA or auditor ensures that the statements conform to the requirements of the generally accepted accou... Read More »

How likely is a tipped employee to get audited?

People who work in service industries that typically receive tips are about 5 times as likely to be audited as someone who does not work in a commonly tipped position. The odds are still in your f... Read More »

Do FAFSA applications get audited?

FAFSA applications get audited randomly and also when certain information raises a red flag for verification. If your application is audited, SimpleTuition says you may need to provide past federal... Read More »