1. Establishment, foundation, or organization created to pursue a particular type of endeavor, such as banking by a financial institution. 2. Consistent and organized pattern of behavior or activities (established by law or custom) that is self-regulating in accordance with generally accepted norms.
The letters written by one to another, and the answers thereto, make what is called the correspondence of the parties. 2. In general, the correspondence of the parties contains the best evidence of the facts to which it relates. See Letter, contracts; Proposal.
Income Tax Audits. A Correspondence Audit is by far the most common way the IRS will examine your tax return. It is generally used with individual taxpayers and very small businesses. It always starts with a letter, (CP2000 notice) that represents a proposal on the part of the government which will usually specify what income they believe that you have omitted from your tax return for a specific year.