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 and taxable income. When you pay your taxes, you donât actually pay taxes on the full amount you made during the year. Your adjusted gross income is your income after you subtract certain deductions like IRA contributions or payment on student loan interest.