When you use cash to make a purchase in person, you hand over the dollar bills to the clerk. You give up the possession of the bill in exchange for the good or service you’re purchasing. You can no longer use this specific dollar bill for another purchase; it is…

What is an Audit by the IRS? The IRS website defines an audit as “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.” The IRS conducts audits…