For the Following Tax Returns, Identify Which of the Three

question 53

Essay

For the following tax returns, identify which of the three audit types will most likely be utilized.
a. The IRS selected Don's return for audit because of his high itemized deductions. The IRS would like documentation of these deductions.
b. Large Public Corporation is a very large publicly traded corporation. It is involved in many complex transactions that have significant tax ramifications.
c. George and Barbara operate a small business out of their home. The IRS has identified a couple of issues that may relate to their business.
d. The IRS selected Bill and Hillary's tax return for review because of some of their investment sales. They would like a better understanding of the transactions and parties involved.

---

Definitions:

Online Consumers

Consumers engaging in the purchase of goods or services through the internet.

General Population

A term defining the total number of individuals or entities in a specified area or group, usually used in the context of demographic studies and marketing.

Sustainable Relationships

Long-term associations between individuals or organizations that are built on mutual respect, cooperation, and shared values, leading to enduring benefits for all parties involved.

Customer Interaction

The communication and engagements between a business and its customers, encompassing a wide range of touchpoints.