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.
Gross Income. Your gross income refers to all of your income for the year that is subject to income taxes. Without first figuring your gross income, you can't figure out your taxable income. Many people have interest from bank accounts, investment income or rental income.our taxable income refers to the amount of money that is subject to taxes after reducing your gross income by the value of your deductions and exemptions. Deductions allow you to reduce your gross income by the amount of various deductible expenses.