One of the worst notices that a business owner can get is one that says he is the subject of a tax audit by the Canada Revenue Agency. Now that does not generally mean that the subject of the audit is already presumed to have committed an error or omission in the filing of income tax returns, but it means he is getting investigated. Just knowing that an investigation has been launched is enough to make the most careful of business owners afraid. Fortunately, it is easy to find some of the most competent accountants in Toronto to provide audit representation services by visiting www.srjca.com.
Even those businessmen and individuals who are conscientious about their compliance with tax laws may still make errors and omissions unwittingly. The laws that govern taxation can be complex even for legal professionals; for mere laymen, they can be hard to understand. That makes the services of a fully qualified tax accountant Toronto essential. For a taxpayer to try to save money by going it alone, is to court danger of big fines and even criminal prosecution.
Experienced tax accountants act as a taxpayer’s counsel during a tax audit, much like how an attorney represents defendants and plaintiffs before the courts. A good tax lawyer can help a taxpayer avoid much of the pain and discomfort associated with tax audits. They will be aware of all the documentation the Canada Revenue Agency will require during the audit.
Good tax lawyers are also familiar with the intricacies of tax laws and will know after a thorough review, whether a taxpayer has made errors and omissions in the filing of tax returns. They will know which documents the Canada Revenue Agency will focus on, and they will make sure those documents are presented in a way which would paint their client in a good light; assuming there are no errors therein. They can make sure that data is presented in a way that may not be misinterpreted to constitute violations of tax statutes.
Minor errors can be presented in such a way as to make it clear that there was no willful intent to avoid compliance with requirements. The goal of tax accountant Toronto in providing representation in tax audits is to meet with the auditors with a view of obtaining a favourable outcome for their clienttax accountants work with the Canadian Revenue Authority to appeal for reductions in fines and penalties, when these cannot be avoided, And for those wondering how high penalties for gross negligence and summary conviction can be: fines can be as high as 250% and include two years of jail time. The possibility alone makes contacting accountants from prestigious organizations such as the The Society of Professional Accountants of Canada an investment in peace of mind.
What makes it difficult without competent tax accountant representation, is that every audit is unique. Each has to be approached in a different way which all aim to be as cooperative to the auditors as possible without compromising the interest of the client. If you have a looming tax audit, the best time to call for professional representation is now.
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