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 measure of income calculated from your gross income and used to determine how much of your income is taxable. 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.