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Transferee Liability - A person may be held LIABLE for another taxpayer's delinquent taxes if:
1. The transferee received assets of the transferor-taxpayer; and
2. The transferor was INSOLVENT at the time or was rendered insolvent by that transfer or related series of transfers. However the insolvency requirement does not apply to GIFT taxes. The transferee is only liable to the extent of the value of the property received from the transferor. Thus, transferee liability merely provides a means for IRS to recover any assets the transferor-taxpayer attempts to transfer to avoid paying taxes.
Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro
Why is studying Auditing different from studying other accounting topics?
Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an orga
what are the things we need to check in statutory audit of bank?
In previous times, the Kings used to hear their accountants narrate the accounts verbally. Though, as the complexity of the accounting function grew, require was felt to thoroughly
What is audit planning
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
Comparison of the Negative and Positive Methods Negative Method According to this method of circularisation, the customer is asked to communicate only when he does not ag
Suppose soyola cooking oil company takes over ZamGold cooking oil for an amount in excess of the value $500,000. A) What intangible assert will Soya create in its books which the a
what is tolerable error?
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