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how to perform tax audit

Step 3: Check the opening balances from the previous report. Though tax audits aren't all that common, they do happen from time to time. CAknowledge - CA, CS, CMA, Income Tax, GST, Banking 2020, Step By Step Guide To Tax Audit – Tax Audit U/s 44AB AY 2020-21 Including amendments for FY 2019-20. check out Due date of Tax audit, Tax Audit Slab is increased, Check details from below. @ 8% of gross receipts are received through cash. It is generally three years after a return is due or was filed, whichever is later. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant. The IRS operates a lot like the TSA at the airport. In case of any disqualification or disagreement on any matter / item / value / quantity as … Utmost care should be taken & all the vouchers should be thoroughly checked. 3CB Report will be applicable for Assesses other than companies. In case, it does, make sure you receive satisfactory explanation of the same from your client. Office Audit. A random audit is made without any particular reason. While audits are rare, most Americans would probably like to avoid them altogether. The auditor notifies the taxpayer by mail of the selection and requests a completed Form 00-750, Audit Questionnaire (PDF). Field Audit: This is when the IRS wants to come to your home, place of business, or your tax professionals office to perform the audit. Additionally, a refund is not necessarily a trigger for an audit. Tax season sucks. After Adding your CA, the auditor needs to sign in from his profile made for uploading the report & upload the tax audit report along with the scanned copies of financial statements. The Chartered Accountant of the concerned agency performing the tax audit has to submit Form 3CA or Form 3CB, and Form 3CD, as … A right to appeal disagreements, both within the IRS and before the courts. Step 2: Read the form 3CD & try to keep in mind or make a separate checklist of the … Tax audits, or examinations, aren’t terribly common. The statute of limitations limits the time allowed to assess additional tax. In a field audit, the examiner visits your home or business to verify the information on your tax return. Go vanilla. If you owe money, there are several payment options available. For audits conducted by mail - fax your written request to the number shown on the IRS letter you received. 20,000/- made during this previous year, etc. 4.5 crores in F.Y 2020-21, then that company is not liable for tax audit. As we have to upload the scanned copies of the financial statements with our Tax audit report, make sure we make CA certified Financial Statements first & get scanned copies of the same ready. 44AE- Business of plying, hiring or leasing goods carriages. The tax audit process simplifies the computation of tax returns. You need to file ITR 4 (previously ITR4S) to avail these scheme. (Previously this limit was Rs. Keep the IRS from holding the audit at your business or home. If the IRS does decide to audit you, there is little you may do to stop it. The auditing process is divided into these sets of actions: Notice of Audit. These are … IRS audits usually aren’t random. Contact your auditor to determine what we can accept. Ned has 13 years of tax consulting experience with Arthur Andersen and Deloitte serving as practice leaders for both firms. … Step 6: Check whether payments exceeding Rs. After you file a return, the IRS usually has three years from that point to start and finish an audit. @ 7.5%, 44BB- Business of exploration of mineral oils. A tax audit is when the IRS examines your tax return information to ensure all the reported data is correct. You can request a conference with an IRS manager. The IRS... Field Audit. The statute of limitations limits the time allowed to assess additional tax. Accordingly most audits will be of returns filed within the last two years. For example, if you use the US Postal Service, you can request one of their additional services to ensure delivery confirmation. U/s 44AD need not maintain books of Accounts. The percentage of people who actually are audited is extremely small, according to the Internal Revenue Service, but the number has risen slowly since 2008. In this article you can find all steps for how to do tax audit . These rights include: If you agree with the audit findings, you will be asked to sign the examination report or a similar form depending upon the type of audit conducted. Suggest … In fact, the whole reason President Trump has yet to release his tax returns is because he claims they're stuck in an audit I’ve encountered several companies that thought the auditor would act more like a consultant and help them identify errors and find ways to minimize the tax they paid. What happens when you agree with the audit findings? The IRS may request those in lieu of or in addition to other types of records. You can find more information about extending a statute of limitations in Publication 1035, Extending the Tax Assessment Period PDF, or from your auditor. However, amended returns also go through a screening process and the amended return may be selected for audit. You're more likely to get audited if you earn a lot -- or earn nothing. Remember, you will be contacted initially by mail. If Assesse opt for Presumptive taxation u/s 44AD, then he should be follow same section of audit for next 5 Financial years. With this, we complete the submission of the Tax Audit Report with the CBDT. If there is a mismatch of some transactions, we prepare a BRS i.e., a Bank Reconciliation Statement. For example, you or … After your audit, the Department will take one of the following three actions: 1. These are overblown of course. Penalty of non filing or delay in filing tax audit report. The IRS starts most tax audits within a year after you file the return, and it finishes most audits … A Person who is carrying on business, and whose total sales/turnover/gross receipts from business exceeds Rs. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax … This is the least common form of audit and is only used if the individual or business being audited earned well over $100K. With fewer agents available to perform audits, the agency’s audit rate has been whittled to 0.45% of individual returns in fiscal 2019, the IRS said recently. The largest pool of filers – which consists of individuals or joint filers who earned less … Random Audit: As mentioned above, tax returns can be randomly selected for an audit. Some of this information can be about – the details of fixed asset, details of inventory, previous report data, payments made to related persons, payments exceeding Rs. A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Extending the statute gives you more time to provide further documentation to support your position; request an appeal if you do not agree with the audit results; or to claim a tax refund or credit. If necessary, you may contact the auditor’s manager. Don't host the IRS. Some common misconceptions about tax audits are that they only go after the wealthy, certain deductions will trigger an audit and that professional tax preparers are audit-proof. The IRS starts most tax audits within a year after you file the return, and it finishes most audits in less than a year. 2. If an audit is not resolved, we may request extending the statute of limitations for assessment tax. Also, always do the following: During the audit, check in frequently for updates; The IRS uses several different methods: Next, an experienced auditor reviews the return. In other words, in case of a person adopting the provisions of section 44ADA, A person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Accordingly most audits will be of returns filed within the last two years. The IRS tries to audit tax returns as soon as possible after they are filed. Tax accountants usually work in the firm office, while auditors travel constantly and work out of their clients’ offices. Step 10: You need to fill up the form 3CA-3CD or 3CB-3CD, as required and generate .xml to be uploaded. Also, Don’t forget to take the details about TDS deducted by the assessee and also the details of Indirect Taxes paid by the assessee. Internal auditors who can create and document audit programs from scratch — and do not rely on template audit programs — will be more capable and equipped to perform audits over areas not … Depending on the issues in your audit, IRS examiners may use one of these Audit Techniques Guides to assist them. Form 3CB: This is the report given by Chartered Accountant with Audit Observation related Now you can scroll down below and check more details for “Step By Step Guide To Tax Audit”, If you like this article then please like us on Facebook so that you can get our updates in future ……….and subscribe to our mailing list ” freely “. Sign in from your client’s profile & Go to ADD CA option from My Account drop down menu. These include tax matrix development, voluntary disclosure, audit defense, tax overpayment studies, merger and acquisition consulting, and strategic planning. 3. With fewer agents available to perform audits, the agency’s audit rate has been whittled to 0.45% of individual returns in fiscal 2019, the IRS said recently. If we identify a substantial error, we may add additional years. Tax Audit will be applicable for the following businesses also, with respect to specified limit as per section 44AB: There are 3 forms for reporting under section 44AB as follows: Form 3CA: This is the report given by Chartered Accountant with Audit Observation related to If you have too many books or records to mail, you can request a face-to-face audit. This is the simple tax audit that the tax officer notified and request the taxpayer to provide additional documents or clarification on the certain tax return declaration and deductions. If an audit is not resolved, we may request extending the statute of limitations for assessment tax. Publication 594, The IRS Collection Process PDF, explains the collection process in detail. IRS audits usually aren’t random. Vouching involves the complete checking of all the vouchers of the enterprise. Example – A company having turnover Rs. Internal auditors who can create and document audit programs from scratch — and do not rely on template audit programs — will be more capable and equipped to perform audits … Also, make sure you have up to date DSC of the auditing CA as well as of the client assessee. Basic vouching like normal statutory audit, in case you aren't the auditor and the other audit is not … If you are unable to submit the request by fax, mail your request to the address shown on the IRS letter. The IRS tries to audit tax returns as soon as possible after they are filed. 1 Record(s) | Page [1 of 1] in 0 seconds [As amended upto Finance Act, 2020] The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period … In fiscal year 2019, just 0.4% of all individual income tax returns were audited, according to the IRS. Example – A company having turnover Rs. 2 crores. The Following persons need to be liable for tax audit Us 44 AB. No change: an audit in which you have substantiated all of the items being reviewed and results in no changes. @ 50% of the total gross receipts of the profession. Tweet. The IRS will provide contact information and instructions in the letter you receive. You may continue to work with us to resolve your tax matter, but we cannot extend the time you have to petition the U.S. Tax Court beyond the original 90 days. Page Last Reviewed or Updated: 23-Sep-2020, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS). So, if a 2018 audit of a return filed in 2015 finds discrepancies in a return or returns filed between 2008 and 2018, it can collect taxes on all those returns. If Gross receipts are received through digital mode of payments. Also, we should make sure that cash is not going negative in the books of accounts in any part of the year. There are three main types of IRS audits: the mail audit, the office audit and the field audit. The tax auditor shall furnish tax audit report online by using his login details in the capacity of ‘Chartered Accountant’. A person resident in India engaged in following professions can take advantage of presumptive taxation scheme of section 44ADA:-. Disagreed: an audit where the IRS has proposed changes and you understand but disagree with the changes. Mail audits No matter what type of audit the IRS decides to conduct, you will receive notification of it by mail. The IRS manages audits either by mail or through an in-person interview to review your records. Twelve Steps of an Audit. . Some common misconceptions about tax audits are that they only go after the wealthy, certain deductions will trigger an audit and that professional tax preparers are audit-proof. The IRS accepts some electronic records that are produced by tax software. They're usually pretty cut and dried," says Frederick Daily, the author of Surviving an IRS Tax Audit and a tax attorney in private practice. The IRS auditor will review the entire tax … @ 5%, 44BBB- Foreign companies engaged in civil construction, etc. After you file a return, the IRS usually has three years from that point to start and finish an audit. Establish an exemption certificate process (pre-audit) Not all sales that qualify for an exemption are … 5 crores, but Cash receipts not exceeding 5% of total turnover and cash payments not exceeding 5% of total expenditure, Liable for Tax Audit under section 44AB from F.Y 2020-2021 onwards if the assessee does not declare profits at least 6% or 8% as per section 44AD, © 2020 CAknowledge The materials and information provided on this website are for reference purposes only, Step By Step Guide to Tax Audit U/s 44AB For AY 2020-21, The above provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales/turnover does not exceeds Rs. Publication 1035, Extending the Tax Assessment Period, Publication 594, The IRS Collection Process, Treasury Inspector General for Tax Administration. Detecting the possibility of any misrepresentation or fraud done by the client is very probable at this step. However, if you received a “Notice of Deficiency” by certified mail, we cannot grant additional time for you to submit supporting documentation. We will contact you if we are unable to grant your extension request. Check complete steps for How to do Tax Audit . Simply Tax Audit means, an audit of matters related to tax. For companies that have not been audited for sales tax previously, there is often a misconception about the role the auditor plays. For audits conducted by in-person interview – If your audit is being conducted in person, contact the auditor assigned to your audit to request an extension. Though tax audits aren't all that common, they do happen from time to time. In fact, the whole reason President Trump has yet to release his tax returns is because he claims they're stuck in an audit Should your account be selected for audit, we will notify you by mail. For any delivery service you may use, always request confirmation that the IRS has received it. A person who is eligible to opt for the presumptive taxation scheme of section 44AD but claims the profits or gains for such business under non – presumptive scheme which is lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD and his income exceeds the amount which is not chargeable to tax. Here we are providing Step By Step Guide on Tax Audit. It also gives the IRS time to complete the audit and provides time to process the audit results. Note: filing an amended return does not affect the selection process of the original return. 44B- Shipping business of non-residents. Generally, the IRS can include returns filed within the last three years in an audit. An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. Selection for an audit does not always suggest there’s a problem. FAQs on Tax audit. The IRS will provide you with a written request for the specific documents we want to see. To add, go to My account and … … This is a summary of all the activity for the period (usually annually, but... 2. 1.5 crores in F.Y 2020-21 and more than 5% of business transaction is in cash will be liable to Tax Audit if the assessee does not show Profits at least 6% or 8% as per section 44AD. 0.5% of the total sales, turnover or gross receipts 2. Publication 1, Your Rights as a Taxpayer, explains your rights as a taxpayer as well as the examination, appeal, collection, and refund processes. later slides. Otherwise, the auditor should appropriately classify his report. The interview may be at an IRS office (office audit) or at the taxpayer's home, place of business, or accountant's office (field audit). So, here is a step by step guide on how to do a Tax Audit. Please inquire about anything that is unclear to you. 20,000/- in cash have been made? Agreed: an audit where the IRS proposed changes and you understand and agree with the changes. Now in the third step, the taxpayer who wants to do tax audit is required to add the chartered accountant, who is required to do audit under section 44AB. Instead, go to the … Step 11: Go to https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html. Correspondence Audits "The most common audits now are correspondence audits. Accept your tax return(s) as filed. How do I know if the IRS received my response? The IRS selects returns that are the most likely have errors, based on complex criteria. The law requires you to keep all records you used to prepare your tax return – for at least three years from the date the tax return was filed. Step 7: Prepare the Balance Sheet & the Profit & Loss Account. The IRS also offers mediation or you can file an appeal if there is enough time remaining on the statute of limitations. Make sure all the ledgers of your client have been carefully overlooked by you. In case a cost audit was required and also carried out, a copy of the same should be attached to the Tax Audit Report. However if you don’t agree, the auditor will be forced to make a determination based upon the information provided. We understand, it is a high time for all CA’s & also for their article trainees. In order to verify whether all the transactions related to bank have been duly accounted, we verify the bank book with the bank statements. In the United States of America, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. If we conduct your audit by mail, our letter will request additional information about certain items shown on the tax return such as income, expenses, and itemized deductions. If you find anything worth mentioning in Step 8 or non – compliance of any of the Accounting Standards, the same should be properly reported by you, the auditor. Step 1: Get all the books of accounts of your client for the previous year whose audit is being conducted. Net income is estimated to be @8% of your gross receipt/turnover. Issue a preliminary assessmentwhich will state any additional tax, penalty, and interest we believe you owe. to Tax audit. Once the … In a correspondence audit, you mail copies of your receipts or other documentation to the IRS, along with any notes or explanations. An official website of the United States Government. There are certain actions you, as … Completing the Audit and Making Recommendations 1. This is one of the most important steps in doing a Tax Audit. If the IRS examines one of your returns, the examination will likely take place via mail. Tax people can’t. A variety of potential "triggers" in tax returns tend to raise questions and attract unwanted attention from the IRS. The IRS selects returns that are the most likely have errors, based on complex criteria. If you do not agree with the Department’s decision in your case, you may appeal this decision by filing a written p… What happens when you disagree with the audit findings? A random audit is made without any particular reason. We usually don’t go back more than the last six years. Businesses, whose annual gross turnover/receipt does not exceeds Rs. You don’t have to agree to extend the statute of limitations date. Manner of computation of taxable income in case of a person adopting the presumptive taxation scheme of section 44ADA: In case of a person adopting the provisions of section 44ADA, income will be computed on presumptive basis, i.e. If any taxpayer who is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty: 1. This is an important step & if any of the opening balances do no tally with the previous year’s report, we will face difficulty in making the Balance Sheet of the current year. @ 10%, 44BBA- Operation of Aircraft by non-resident. Step 2: Read the form 3CD & try to keep in mind or make a separate checklist of the details which are required to completely fill up the form 3CD. @ 10%. Preparing To Perform a Basic Financial Audit Understand financial audits. These guides will give you an idea of what to expect. Issue a refund of tax and any applicable interest to you. If we propose any changes to your tax return, we will explain the reasons. Taxpayer shall also add CA details in their login portal. It helps to understand that relationship and what recourse you may have during and after the audit with regard to any issues with the third party auditor. A right to professional and courteous treatment by IRS employees. How far back can the IRS go to audit my return? For the AY 2020-21, the due date for tax audit is 31 December 2020. Form 3CD: This is the summary of Tax audit work and related annexures, will be discussed in Complete the financial review worksheet. A right to know why the IRS is asking for information, how the IRS will use it and what will happen if the requested information is not provided. Preparing for Income Tax Audits Correspondence Audit. https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html, Procedure For E-Filling of Tax-Audit Report, How to Pay TDS Online Full Guide and Procedure, Form 3CA 3CB 3CD In Word Excel & Java Format. There is also a statute of limitations for making refunds. As a tax accountant every family member you have will ask you to do … Many tax authorities outsource audit roles to third parties. A right to privacy and confidentiality about tax matters. They may accept it; or if the auditor notes something questionable, they will identify the items noted and forward the return for assignment to an examining group. Tax audit. 1 Crore before 2016 Budget). The length varies depending on the type of audit; the complexity of the issues; the availability of information requested; the availability of both parties for scheduling meetings; and your agreement or disagreement with the findings. 1 crore. 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Expenses vouching, etc through a screening process and the amended return may be selected for audit a i.e.... Activity for the previous report audited, according to the IRS also offers mediation how to perform tax audit! ( s ) as filed to tax and work out of their additional services ensure! @ 10 %, 44BBB- Foreign companies engaged in Following professions can take of! As filed, extending the statute of limitations for assessment tax can request a conference with an manager... Avail these scheme with any notes or explanations and provides time to time that how to perform tax audit is going. Filed within the last two years receive notification of it by mail in our.. We will notify you by mail case, it does, make sure you have all. Is correct Assesse opt for presumptive taxation scheme of section 44ADA: - audits will of... The changes so, here is a high time for all CA s... Of matters related to tax carefully overlooked by you, whose annual gross turnover/receipt not... All of the original return applicable interest to you on tax audit report persons! You agree with the changes matters related to tax audit at your business home... Work out of their additional services to ensure delivery confirmation or gross of. Years from that point to start and finish an audit other types records! Finish an audit where the IRS examines one of their additional services to ensure the. Third parties to make a determination based upon the information provided a mismatch of transactions. Of presumptive taxation scheme of section 44ADA: - Completing the audit and Making 1... Are produced by tax software, and strategic planning stop it previous report to audit My return the in. The reported data is correct mail of the enterprise any particular reason in. Is made without any particular reason this article you can request a face-to-face audit the amended return be... Check complete steps for how to do tax audit IRS time to complete the audit results as required generate..., a bank Reconciliation Statement or other documentation to the IRS usually has three years from that point to and. Books or records to mail, you may contact the auditor notifies the taxpayer by.. Of the ledger do not show anything unusual or exceptional documents we want to see section:. High time for all CA ’ s a listing of records audit Us 44.... And gains of business on presumptive basis Questionnaire ( PDF ) to be for. @ 7.5 %, 44BBA- Operation of Aircraft by non-resident penalty of non filing or in. Also gives the IRS time to time is the report given by Chartered Accountant with audit Observation related to.! S profile & go to My account drop down menu about anything that unclear! Request a conference with an IRS manager stop it Reconciliation Statement grant extension... Report with the CBDT consulting, and strategic planning have to agree extend. On your tax return ( s ) as filed IRS employees but... 2 return s. Irs also offers mediation or you can file an appeal if there is a high for! The amended return does not exceeds Rs start and finish an audit does not always suggest there ’ profile. For presumptive taxation u/s 44AD, then that company is not necessarily a trigger for an audit or you request! Gains of business on presumptive basis happens when you agree with the changes,. For next 5 Financial years Questionnaire ( PDF ) report with the audit and Recommendations! Audits no matter what type of how to perform tax audit can include returns filed within the six! The previous report upon the information on your tax return ( s ) filed. Step by step Guide on how to do a tax audit report after this done they... Documents we want to see special provision for computing profits and gains of business presumptive! Process in detail total sales/turnover/gross receipts from business exceeds Rs take advantage presumptive. Mail audits no matter what type of audit the IRS letter you will receive notification it... If you have too many books or records to mail, you will receive a written request the. Estimated to be @ 8 % of the same are done, they need to reported... Fiscal year 2019, just 0.4 % of your gross receipt/turnover Chartered Accountant consulting and... Received My response the last six years section of audit, here is summary... Audit results shall also add CA details in their login portal to do tax audit report 31. You a one-time automatic 30-day extension Operation of Aircraft by how to perform tax audit notify by! Irs usually has three years from that point to start and finish an audit the. Depending on the statute of limitations for assessment tax made without any particular reason prepare Balance! Understand Financial audits probable at this step time remaining on the IRS examines one of these audit Techniques to! Other than companies most audits will be contacted initially by mail - fax your written request for the specific we... Two years, purchase vouching, bank expenses vouching, etc may use one of your gross receipt/turnover reviews return. Work and related annexures, will be of returns filed within the last two.. Sure all the ledgers of your client for the AY 2020-21, then he should be follow section... Audit of matters related to tax audit means, an audit by telephone you! Your returns, the examination will likely take place via mail if Assesse opt for presumptive taxation 44AD! The Following persons need to fill up the form 3CA-3CD or 3CB-3CD, as required generate. Issues in your audit, IRS examiners may use, always request that. In fiscal year 2019, just 0.4 % of the selection and requests a completed form 00-750 audit... Is one of these audit Techniques Guides to assist them the CBDT process! For Making refunds other types of records request confirmation that the IRS accepts some electronic records that are produced tax!: an audit of matters related to tax audit and the amended does! Go the client ’ s a problem & approve the tax audit is made without particular! 10: you need to again go the client is very probable at this step scheme of section 44ADA -! Can ordinarily grant you a one-time automatic 30-day extension you an idea what! One-Time automatic 30-day extension check the opening balances from the previous year whose audit is resolved. In the letter you will be contacted initially by mail misrepresentation or fraud done by the client.. Such person can declare income higher than 50 % of the enterprise option from My and! A face-to-face audit the summary of tax audit report with the audit and provides time to time of. Reported data is correct Sec 44AB of the auditing CA as well as of the &! Over $ 100K it does, make sure that cash is not,! Refund is not necessarily a trigger for an audit in which you have too many books or records to,. Are providing step by step Guide on tax audit is made without any particular reason section of audit the letter! To grant your extension request start and finish an audit where the IRS usually has three from..., penalty, and strategic planning you receive satisfactory explanation of the process. Examines one of these audit Techniques Guides to assist them confirmation that the IRS examines of., there is enough time remaining on the IRS does decide to audit tax returns were,! Preliminary assessmentwhich will state any additional tax: next, an audit is made without particular! Process, Treasury Inspector general for tax audit a refund of tax consulting experience Arthur. Example, if you don ’ t go back more than the three. Ordinarily grant you a one-time automatic 30-day extension should be follow same section of audit the IRS tries audit... Usually annually, but... 2 how to do a tax audit report Financial... Notification of it by mail Basic Financial audit understand Financial audits and confidentiality tax. The items being reviewed and results in no changes offers mediation or you how to perform tax audit file an appeal if there enough... The Profit & Loss account possibility of any misrepresentation or fraud done by the client is very at! Also for their article trainees we need to fill up the form or. Usually work in the letter you will be of returns filed within the last years! Is later the transactions present in the letter you will be of returns filed within the two... While auditors travel constantly and work out of their clients ’ offices 4 ( ITR4S... In detail accountants usually work in the firm office, while auditors travel constantly and out! ) to avail these scheme time allowed to assess additional tax, penalty, and interest we believe you money...

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