The very thought of a tax audit may bring in fear in the hearts and minds of people. When the Notice of Assessment arrives in the mail, it may disrupt the normal life of a citizen as it will eat into the quality time that he or she can spend with the family and business. The taxpayer will be required to compile and collate a pile of records and documents to substantiate items that have been questioned on the assessment. It is at this juncture that the taxpayer needs a CRA tax audit help from tax professionals who possess a comprehensive knowledge of the tax law.
As the audit can, in all probabilities, turn into an intimidating experience for a taxpayer, it is advisable that he or she seeks professional consultancy. Without professional CRA tax audit help, the taxpayer may end up paying more taxes than needed and in worse circumstances, may also open up assessments for other tax years. It is, therefore, sensible, to seek CRA tax audit help when it is time to reply to a Notice of Assessment.
CRA will pull out all the plugs to establish the accuracy of your tax return and if you do not cooperate with the CRA tax auditor, you may even face recalculation of your taxes and will be packed off with a huge outstanding bill as a reward for your non-cooperation. It is not at all a great idea to handle the audit representation yourself. It is a penny-wise-pound-foolish idea as you are bound to be charged with a considerably high tax deficiency. You need to be aware of all the tax codes and regulations to defend your audit hearing properly. Get proper CRA tax audit help.
Let us look at it from another angle. CRA auditors are trained in a much better way to extract more information out of you than you have a legal obligation to offer. CRA auditors are also aware of the fact that many people are scared of them and most of the people that they encounter are plain ignorant of their rights. These auditors use that fear as well as ignorance to their full advantage during the tax audit. You cannot deny the importance of seeking CRA tax audit help.
Your taxpayer rights allow you to hire a representative during a CRA tax audit. This representative has to be a body or an individual who is allowed to practice before the CRA. You need to remember that when you receive a Notice of Assessment, it is necessary to seek CRA tax audit help from legal tax professionals.
If you have already gone through an audit which ended in additional taxes, interest and penalties, you have few options left to you in addition to paying those tax liabilities in full. These options could be filing a Notice of Objection to reconsider the Notice of Assessment or your representative could work out a negotiated payment plan that has possibilities of reduction in the penalties.
CRA tax audit help can be taken in terms of reviewing the Notice of Assessment sent by CRA and understanding what it includes. You need help in the organizing of documents and records for the purpose of the tax audit. You have to understand from your consultants all about the process of appeals and filing of the Notice of Objection should you dispute with the findings of the CRA in their assessment of your tax returns.