No matter the circumstances, tax audits can be intimidating, especially for businesses. An audit is a rigorous process and has many strict guidelines.
Don’t be caught off guard! Ensure that your rights are observed and you are properly represented by professional small business accountants who can help you minimize tax consequences.
Bring your corporate tax audit situation to Liu & Associates for assistance and consultation. We have the best CRA tax audit accountants in Edmonton and Calgary to help you navigate the process.
ASSESSMENT APPEALS AND TAX ARREARS
Just because you are facing a CRA audit doesn’t mean you have to agree with what the Canada Revenue Agency has to say.
If you feel there is an error in their assessment and you are being told you owe tax money or are in arrears, you can appeal the CRA tax assessment.
This process begins by contacting the CRA to make adjustments and correct the errors. If this does not work, you will have to make a formal objection.
The objection is then processed and the assessment is reviewed. During this time, you do not have to pay owing taxes, penalties, or interest while you are waiting for an outcome.
It’s important that you clearly lay out all of the facts in your appeal as well as provide supporting documentation to prove your case.
The process can be complicated, and it’s important to ensure all information is submitted to confirm that your objection is valid.
If your business plans on appealing an assessment, it’s important to have a CRA audit tax accountant working for you!
Liu & Associates can review your objections and prepare your appeal to ensure you are not faced with unfair assessments and unnecessary tax arrears.
PAYMENT PLANS AND SETTLEMENTS
If your business’s tax audit is legitimate, there are ways of working out payment plans and settlements with the CRA.
You can negotiate payment terms to resolve your tax obligation and create a payment arrangement to pay back your taxes over time. It is up to the CRA to decide if they will accept your offer and set up a payment plan.
Navigating this process can be challenging, and you want to ensure you are given a payment plan or settlement that is fair for your business.
Liu & Associates can negotiate any audit client’s settlement with the CRA to make reasonable arrangements.
Even after the settlement is negotiated and a payment schedule is in place, our firm can continue to deal with collections agents directly until the completion of the plan.
WHAT ARE THE CHANCES OF BEING AUDITED BY THE CRA?
The CRA generally does not choose businesses at random to conduct a tax audit. Instead, they look for certain triggers such as:
- Unusual changes in deductions or credits
- Excessive business expense claims
- Unreported income
- Repeat losses
- Adjustment requests
- Large charitable donations
- Prior tax audits
With proper corporate tax planning and accounting services, your business can easily avoid the stress of experiencing an audit.
CORPORATE TAX ACCOUNTANTS IN EDMONTON AND CALGARY
The tax professionals at Liu & Associates are dedicated to understanding your specific needs and will take the lead in the situation to work with the Canada Revenue Agency on your behalf!
Let us do the heavy lifting! With us as the go-between and buffer, you can rest assured that the situation will be dealt with as stress-free as possible.
If you are undergoing a tax audit in Canada or feel you are at risk of being auditing by the CRA, contact us for a consultation or assessment.