taxes

What is an audit?

 

What is an audit?

The Bankrate.com financial term of the day is: "audit."

"Audit" is one of the most dreaded words in personal finance. It's the process in which the Internal Revenue Service trains its beady eyes on your tax return or other related transactions. The additional scrutiny can range from a simple letter asking for more information to a detailed going-over of your tax filings and records.

With an audit, the IRS decides, for whatever reason, that your taxes require closer inspection.

For answers to all of your tax questions, visit Taxes section at Bankrate.com.

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