Being advised that you have selected for a business tax audit is always unsettling. Not only does it mean taking time away from your regular business activities, it can also be a nerve racking process for the business owner. Even though you have complied with all the regulations and kept good records, there is the fear that past errors or oversights could come to light and have costly penalties.
Fortunately, with the expertise of Gary R. Landa, CA Professional Corporation on your side, the audit process will be a smoother and less stressful process. In addition, should any issues arise; our team will work on your behalf to negotiate with CRA to assist in minimizing any potential interest and penalties.
How did my business get selected for an audit?
When you file your business tax, CRA looks for any errors or inconsistencies to determine the probability of non-compliance issues within your company. CRA may also compare your information against information from other like business investigations or audits. There is a low risk that any firm gets audited who do not have any of these issues.
What are my responsibilities during an audit?
Thorough and accurate bookkeeping is key for any business and it is especially critical when you become the subject of an audit. Records of your business transactions should be kept for a minimum of seven years from date of assessment and if you use electronic tools such as computers to do your accounting, both paper and electronic records should be kept and made available to the auditor.
As accountants ourselves, we speak CRA's "language" – we are able to quickly identify and provide them with the forms, documents and information they request.
It frees you up to work on other aspects of your business. Audits can be time consuming and stressful. Without help on your side, it can be easy to let other key components of your business become neglected. Having the Landa team representing you will give you the time to focus on what's most important to you – the smooth continual running of your business.
The Landa team is experienced and will negotiate with CRA on your behalf to minimize your tax liability in an audit and we will also help negotiation with CRA to minimize any penalties and interest assessed to your business as a result of any non-compliance issues.
As a taxpayer, you have rights which are outlined in the Taxpayer Bill of Rights. As your corporate accountants, we will ensure that your rights are adhered to and that no lines have been crossed.
While the Landa team are experts in facilitating businesses through the audit process, it is preferable that you never need to go through the audit process at all. By retaining Gary R Landa, CA Professional Corporation as your regular corporate accountants, we work diligently to ensure that you are in full compliance with all legislation and tax regulations using the highest professional standards in the industry.
We treat each business and organization like the unique entity that it is. There are some similarities however in our approach with each client that allow us to give the best service and results possible.
Our first step is to meet with you for an initial free consultation. During this time, we will do a fact finding exercise with you in order to discover what your specific needs are and how we think that we can add the most value. We'll also thoroughly explain what we can and cannot do, our rates as well as answer any questions about our services that you may have.
Once you decide to engage our firm, we will collect the necessary information to best accomplish the goals set out. We will consult with you as often as needed to ensure the best results for your company. Our goal is to help you pay the least amount of tax necessary while still being in full compliance with provincial and federal tax law.
If you've found yourself to be the subject of a business audit and need help through the process or if you'd like to work with a professional team of corporate accountants who can help to ensure that you don't find yourself in that situation, give us a call.