Have you ever undergone a CRA business tax audit? If so you can agree that an audit process is among the most devastating moments of running a business. The CRA business tax audit help is always available though. Hence you should never choose to go through the audit process with the tax auditor by yourself. During a business audit, the Canada Revenue Agency auditors closely look into business books and records.
CRA auditors’ aim is to investigate any hidden tax revenue by the taxpayers’ business and to maintain the integrity of Canada’s tax mechanism. Prior to seeking the CRA business tax audit help, understand your problem first. By so doing you will get your proof in order so your defense can be planned quickly by a tax consultant.
Providers of the CRA business tax audit help have higher chances of success while dealing with the taxman than you. They have successfully helped many other people in the past and are looking to offer you their CRA business tax audit help as well. The Canada Revenue Agency uses a risk-assessment system to determine files that must be audited. The CRA’s main reasons for picking up one file for audit while leaving another are many, including errors in tax returns or indications of tax non-compliance.
CRA will sometimes choose your file and compare it with similar business files. Based on their own algorithms or past audits they could declare you eligible for an audit. The CRA business tax audit help is necessary because an audit procedure is not always going to run smoothly. You need a tax expert to fight for your rights if you are audited unfairly. Note that different outcome is expected because the CRA could conduct different types of audits.
The most common type is the business income tax audit, GST/HST audit and payroll tax audit. Without the right CRA business tax audit help you may not be reviewed fairly. What’s more you may not prepare for the process in the right manner. It is good to understand before hand how the CRA decides on the businesses to audit. We have mentioned something about it above. So, if you are not yet a victim you should do everything to avoid triggering the activity.
You may seek the CRA business tax audit help just so you can understand how an audit can change your business. In addition it is good to avoid reporting repeated years of losses as the CRA will wonder why you are still in business. They may suspect that you are actually under-reporting your revenues to escape paying taxes. Unreported income is worse that under-reported income though.
If your lifestyle does not tally with the sort of income level you have reported you could attract an audit process. While you can seek the CRA business tax audit help from tax professionals, get into a habit of filing your taxes on time. Late filing even if done transparently could trigger more audits. But in order to always report true facts you should use reputable tax consultants.