What is Stock Audit?

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IRS Audit -- "Zero Base Stock Sale"?

Title says it all They claim I owe $1100 in taxes from last year. This is because I sold 7K in stock and never reported it. The letter says "We used a zero cost basis because we were not able to determine the cost or the adjusted basis of the stock...

Answer:

Each separate tax year will have to filled out and mailed for this purpose and you will need to get...

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Receiving an IRS audit about stock sales?

I received an IRS letter about how stock sales were reported to them and I never filed it on my return in 2007. I just didn't send it in because I had $30,000 in losses as a result of buying and selling stocks usually held less than a month. I am going...

Answer:

So, you got the dreaded CP2000 letter. This is usually fixable. (Unless you got the letter months ago...

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Answer:

After the audit is issued, the auditor should be able to purchase stock in that company. However, since...

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As generally conceived, the audit committee of a publicly-held company should be made up of A) Representatives

As generally conceived, the audit committee of a publicly-held company should be made up of A) Representatives of the major equity interests (preferred stock, common stock). B) The audit partner, the chief financial officer, the legal counsel, and at...

Answer:

The answer is D. The audit committee is a committee of the Board of Directors, and it should be composed...

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Do I have to respond to an audit for a corporation I used to own, but that now has been dissolved? (2007)?

I was sole owner of a corporation that sponsored a retirement plan. I was the only participant and owned only company stock in the plan. The company failed, I terminated the plan (in 2007), filed for bankruptcy in 2007, and in 2008 I completely dissolved...

Answer:

You'll be much happier in the long run if you cooperate. As the sole shareholder and a corporate officer...

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Does a private company must be audit by a CPA? Account Question, Please Help!!?

If a companies stock is privately held and not traded on any stock exchange, must a CPA audit the company’s books? Must these audited statements be prepared in accordance with GAAP? I can't find the answer in my book

Answer:

No, there's no requirement that a privately held company be audited by a CPA. However. For certain types...

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How will the Consolidated Audit Trail (CAT) work?

...bidding is under way to build a powerful computer to give federal regulators that fuller view of the way the market works. The Consolidated Audit Trail, or CAT, will be one of the largest databases in the world, designed to funnel 50 billion daily...

Answer:

I guess it will just results in more use of trusts or offshore investing; from offshore entities or...

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Stock options in start-up company: tax implications of exercising and FMV?

I have a great deal of options in a start-up company. For reasons I won't go into here, I have an opportunity to use backpay to exercise these. All options are for non-statutory common stock and were awarded at $0.07/share (over the past couple of years...

Answer:

Your W-2 should have reported the amount (ie: FMV - grant price) upon exercise. It is your company's...

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