Did you know?
Even if you follow all the rules and your accountant checks and double checks your tax returns, your business could still be targeted for an audit.
Read More: Who is at risk of a Tax Audit?
Looking at the options for Tax coverage we know Turbo Tax, H&R Block, FBC and even forward thinking accounting firms offer Tax audit solutions in various forms.
What we do know, there is a huge gap in business insurance coverage to deal with managing Tax Risk. Tax Investigation Insurance can now address this need and help business better manage their tax risk.
Until the day your accountant warranties your business Tax return then you have unnecessary risk.
As a business owner you have a few immediate options:
· Do nothing and take this potential risk on yourself
· Find an accountant that warranties your tax returns
· Transfer this risk with the purchase of Tax Investigation Insurance
Audits more frequently occur with small business owners who are claiming business expenses.
Of the many decisions that involve running a business, having a solid tax strategy is the one that will steer you from costly repercussions.
“Control what you can, protect what you can’t”
You may need expert tax advice in the following areas:
- Tax shelter and charity tax scheme disputes
- Tax reporting for partnerships
- Cross-border tax issues
- International tax planning and offshore tax disputes
- Taxation of executives and employee compensation
- Real estate tax planning
- Identifying opportunities for your business to minimize taxes
- Preparing corporate income tax returns and installments
- Advising on the tax implications of proposed transactions
- Corporate back taxes
- Sales taxes, capital taxes, property transfer taxes, customs duties, and GST
- Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
- Small business tax advice
Once the CRA has you in their crosshairs your only options are:
- Provide the required documentation and or pay the notice of assessment, or
- Let the Professionals deal with CRA
Make no mistake, the CRA is counting on you to pay up.
Fighting the CRA – and their near endless resources – can quickly turn into a long, drawn-out process.
The back and forth between you, your accountant and the auditor adds up fast. That’s where Tax Investigation Insurance comes and leaving this to the Professionals.
Your accountant bills us, allowing you the best defense and keep your hard-earned ‘after tax’ dollars in your pocket. It’s a win-win.