Accountancy Insurance - a solution to alleviate tax audit concerns

McIsaacs has partnered with Accountancy Insurance for a number of years to provide a Tax Audit Insurance solution which covers the professional fees (up to the prescribed limit) incurred as a result of audit activity instigated by the IRD against our clients.

Most clients are concerned about the potential costs should they be subjected to an audit, enquiry, investigation or review by the IRD. Our Tax Audit Shield policy alleviates this concern.

Benefits of audit shield are:

• The cover is retrospective. Therefore, the cost of all eligible audits, enquiries, investigations and review of your lodged returns, irrespective of which year they were lodged, are included.
• Specialist fees are included. This includes tax experts; tax lawyers or other specialists we may have to engage on your behalf in relation to an opinion or defense
• Your commonly owned legal entitles and typically most shareholders are covered under one single annual premium
• Payment is tax deductible if you are in business or self employed.
  

Facts as of April 2021 form Accountancy Insurance Claims Department:

The three most common audit activities were:

1. GST Verifications (55% of all claims)
2. Income Tax Returns (27.69% of all claims)
3. Client risk Reviews (9.74% of all claims)

We will be emailing our Tax Audit Shield offer and renewals to clients in July 2021. If you do not receive an email and are interested in finding out more, please contact us.

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Please note: The above E-newsletter notes and the related articles on our website are of a general nature and therefore we urge clients who may be affected by these changes to contact us to discuss your specific circumstances before making any changes or drawing any conclusions.

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