An examiner may require the immediate production of records. Make sure your companyâs data storage and networking infrastructure is up to date. Prepare for unannounced compliance audit by obtaining a copy of an inspection checklist from a specific regulatory or governing agency. Compliance is a multifaceted and complex matter.
Federal taxable income is the adjusted gross income less the deduction for personal exemptions and itemized deductions, which include items such as home mortgage interest, property taxes and charitable donations. Taxable income is the figure used to determine the actual taxes due.
Adjusted gross income (AGI) is a modification of gross income in the United States tax code. Gross income is simply the sum of everything an individual earns in a year, which may include includes wages, dividends, alimony, capital gains, interest income, royalties, rental income, and retirement distributions.