In recent years Revenue have steadily committed increased resources into the system of checking taxpayer returns known as Revenue or tax audit. In the course of most audits Revenue will examine not only the taxpayer’s return but also the underlying books, records and tax obligations so as to establish the correct level of tax liability. Where a taxpayer has under-returned his or her tax liability, Revenue will collect any underpayment of tax together with any interest and penalties as are appropriate.
A taxpayer should not underestimate the impact of a tax audit. Apart from the financial ramifications, there can be significant personal stress on the taxpayer and his/her family throughout the investigation. Moreover resources may have to be diverted from normal business operations to deal with the audit.
Typical Problems that we come across
Sometimes taxpayers do not give Revenue enquiries the care and attention they deserve. In these cases ill-prepared responses to an Inspector, no matter how junior, can lead Revenue to expand the enquiry into a full-blown Revenue audit. The majority of Revenue audits lead to a financial settlement so allowing a Revenue enquiry to deteriorate to the point where it becomes an audit can prove very costly
How We Can Help
Our tax specialists have many years’ experience in dealing with Revenue audits, investigations and enquiries at both district and national level.
Our tax resolution service includes:
- Conducting a pre-audit review to identify potential problem areas
- Advising our client on the procedures and implications of a tax audit
- Advising on any pre-audit disclosures as may be necessary
- Formulating a strategy to handle the audit
- Representing the client in any discussions or meetings with Revenue
- Minimising disruption to the client’s business activities during the course of the audit
- Achieving the best possible settlement