What is the primary report given to the IRS by an organization?Multiple choice question.statement of cash flowstax returnbalance sheetindependent audit
Question
What is the primary report given to the IRS by an organization?
- statement of cash flows
- tax return
- balance sheet
- independent audit
Solution
Answer to Primary Report Given to IRS
The primary report that organizations give to the IRS is the tax return.
Tax returns provide detailed insights into an organization's income, deductions, and tax obligations. Organizations may also file additional forms, depending on their structure (like 990 for nonprofits), but the tax return serves as the fundamental report that summarizes their financial activities in a given tax year.
In short, while statements of cash flows, balance sheets, and independent audits are important financial documents, they do not fulfill the primary requirement for reporting to the IRS, which is the tax return.
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