It is not uncommon for a business to be audited by the Canada Revenue Agency (CRA), and, for most taxpayers, the idea of being audited is something that is dreaded.
At Koroll & Company, it is our goal to help you better understand what you can expect and, when necessary, help you through the process to reduce the likelihood of adjustment or to resolve reassessments, so that you can stop worrying about what if’s.
Whether you are filing your taxes, beginning the audit process or appealing an assessment, we can help in the following ways.
Pre-Audit
The best way to minimize CRA adjustments is to ensure your books have been properly kept and that tax law has been applied correctly. Auditors look to your bookkeeping records to determine whether you are entitled to the amounts you have claimed on various returns.
If your books are in good order, it is much easier to provide the CRA with the information they need. The quicker you provide them with what they want, and the easier it is for them to interpret, the more likely it is that they will finish in a timely manner, with no necessary adjustments to your return.
At Koroll & Company, we have the expertise, knowledge and skills to ensure your books meet legislation.
By having us maintain your records and complete your tax returns, you can feel confident that the results of a CRA audit or examination will be in your favour.
During the Audit
If you have been selected for an audit, we can help you through the process. We will work directly with the CRA to ensure that they receive the necessary documentation and we will work diligently to resolve any issues that may arise.
If it is determined that a reassessment, resulting in higher taxes owing, should be made, we will contact the examiner regarding the proposed reassessment and work to resolve the issue before the audit is finalized.
Post-Audit
If you have already completed the audit process and an adjustment has been made, resulting in further tax owing, we can help you to determine whether or not you have a realistic chance of appeal or objection.
If you do, we can help you file a formal dispute and assist in the objection and appeal processes.
For more information on how our professional team can help you with the business audit process, contact us today!
