A tax audit is an examination of an individual’s tax return by the government to ensure that the reported income and deductions are accurate. Audits may be conducted randomly or based on specific red flags.
The penalty for filing taxes late varies depending on the country and the amount owed. In the United States, for example, the penalty is generally 5% of the unpaid tax per month, up to a maximum of 25%.
The requirements for filing a tax return vary depending on the country and the individual’s income level. In the United States, for example, individuals are generally required to file a tax return if their income exceeds a certain threshold.