You may have noticed that the IRD has been featuring in the media quite a bit lately. Reported to have received additional funding, it has resulted in a sharp increase in audit activity. Now, more than ever before, individuals and businesses are at risk of being selected for a random audit or review.
If your business or individual return is subjected to a random audit, review or investigation, you are responsible for the costs involved in providing the required information. Even the simplest enquiry can require hours of work. In some cases, when there are complex environments, unusual circumstances, multiple years or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred.
We have responded to this growing threat by finding you the best tax audit insurance available and are pleased to offer our clients our Audit Shield Service. The Audit Shield Service is fully tax deductible for businesses and self-employed providing you with comprehensive relief from audit, review and investigation costs. It covers:
- Our accounting fees in responding to audits, reviews & investigation of your lodged returns, including those from previous years.
- Specialistís professional fees if we need to engage a tax expert or lawyer for an opinion or defence.