Did you receive a letter from CRA stating that your tax return has been selected for audit and you do not know how to handle it? Don’t worry, we at Mankoo & Gupta are experienced audit service providers and can help you!
How CRA selects Taxpayers for audit
· Computer randomly picked up the list based on the analysis of similar field tax payers information.
· CRA might test a particular type of business based on the non-compliance in the selected group
· CRA might select based on the information gathered from other audits or from third parties
How to reduce probability of getting audited
· Do not claim expenses for which you do not have receipts
· Always meet the deadlines and file all returns on time
· Keep the records properly to support your claim
· Respond to any letter from CRA promptly after consulting your accountant
Why Choose Professionals vs. yourself
· Professionals will only submit documents after thoroughly reviewing it to avoid unnecessary information of Client file to CRA
· Professionals can sense the intention of tax audits and respond accordingly
· Audit takes time and lots of back and forth communication which can adversely impact the output of your business if handled by client itself.
· Audit needs knowledge all the rules and regulations which apply to the situation. Only a professional can help you with that
Audit can be very stressful and complicated. So do not try to contact CRA yourself immediately after you receive a letter. It is very important what you say as it can harm you.
Contact us if you are facing any of such situations for expert advice to ensure that you start the audit process in more efficient way. We will make sure that you get quick and efficient resolution to the tax auditsType your paragraph here.