You just received a letter or a phone call from an auditor of the Canada Revenue Agency (CRA). This may or may not have been preceded by other communications. You know that you should get help in dealing with the CRA and you, in fact, have a CPA who does your accounting services including your taxes. Can a CPA represent you for tax problems? At Versatile Accounting in Calgary, we have the CPA credentials necessary by law to represent you and we have the experience to get the job done right. Although you should have a CPA at your side when dealing with a CRA audit, not all CPAs have the experience and skills that you may need. In fact, one of the questions to ask when selecting an accounting firm is “can you represent me if I get audited by the Canada Revenue Authority?
What Happens When the CRA Does an Audit?
The first step in the audit process is that the CRA auditor will call you on the phone or send a letter. They will tell you when the audit will be (date and time) and where (their office or your home or office). This is exactly when you need to contact a qualified Calgary CPA, like Versatile Accounting, for help at every step of the way. The auditor will want you to send or bring any and all documents to support your case or have these available for an onsite visit. Your qualified CPA will have a good idea of what documents you will need and how to organize them and your case appropriately.
What Does a CRA Audit Include?
An audit by the CRA may be confined to a few simple items on your tax return or may include a comprehensive review of your finances going back years. They are looking for evidence that you have not been paying all of the taxes that you owe every year. If it turns out that they may be correct and you will not be able to disprove their claim, it may be best to work with your CPA on how to settle the claim. If it is a matter that you can successfully dispute, a competent CPA with experience dealing with the CRA will be able to support and represent you through the process. There are times to fight an audit by the CRA and times not to. A CPA who can represent you for tax problems is someone, like Versatile Accounting of Calgary, who will know the difference and advise you appropriately.
Avoiding an Audit by the CRA
The old saying is that “an ounce of prevention is worth a pound of cure.” This time-honoured bit of wisdom applies many times over with your taxes. At Versatile Accounting we have the CPA credentials, skill, and experience to represent you in a CRA audit. And we have the skills, knowledge, and good judgement to help you avoid ever having to get that letter or phone call from the CRA auditor. At Versatile Accounting we are Canadian corporate tax specialists. And, we routinely provide personal tax accountant Calgary.
Where we can help our clients the most is with our tax planning and compliance services. There is absolutely no reason that you should pay more taxes on your business or personal tax returns than is required by law. And, many times, competent tax planning can add income to your pocket that would otherwise have gone to the tax man. However, this needs to be done correctly without putting you at risk for receiving that dreaded call from the CRA audit guy. Here is where we at Versatile Accounting do our job. When you come to us for your accounting and tax work, we offer a full range of accounting services including tax planning and preparation. And, if you do get that letter from the CRA, we will be able to deal with it quickly and efficiently because your taxes will have been done correctly, every single year.