If you are ever feeling uneasy thinking about tax audit, do not consider yourself alone. You may need tax audit help, you may subsist on fear about tax auditor behind you, it is necessary that you should be aware of all the hard facts of life. This can be of individuals or of businesses. CRA audit costs you more money and time.

It is an undeniable fact that tax audit might hit you anytime. Before a CRA auditor?knocks your door, you should come up with a better understanding of some important things. For example, understand the audit triggering factors, what does the audit process involves and how any audit firm can help you etc.

Tax audit help?comforts you of the tax auditor whoever does come in your door, It makes you ready for the situations.

What can CRA audit do?

In an effort to defend the justice of tax payment ,?Canada Revenue Agency audits HST/GST selectively. They ensure system integrity in Payroll returns, income tax returns, excise duties and excise taxes. The CRA audit conducts the audit in relation to the regulation or statutes that it direct.

How does the file of a CRA audit selected?

The CRA has recognized four general selection methods of files. These are:

1. Computer-generated lists
2. Audit projects
3. Leads
4. Secondary files

The choice of HST/GST returns for audit or examination depends on both the assessment of risk and hit and misses file selection.

How to avoid a CRA audit

Tax audit help offers a great support to your small business by saving your money and time in addition to relieving the stress that you will suffer in the case of CRA tax audit. There are some tips that might help you to stay off from the CRAs’ audit radar screen.

An audit is a review of your tax return records done by CRA to ensure the accuracy of your individual and business taxes. The CRA tax audit performs office audits or performs a field audit. It reviews records of your business.

You should always avoid an audit triggers that includes the reports of loss of consecutive years, particularly in case of personal enjoyment benefit in it. Tax audit help is important if your lifestyle does not match your reported income. Remember, underreported and unreported are the most important audit trigger.

Maintaining separate account for personal and business expenses leads to tax audit help. ?Keep all documentations and receipts of expenses that you need to claim.

Filing and paying taxes at an expected time is a great tax audit help. The late payment might lead to phone calls or meetings with the CRA audit. Always make sure your returns are perfect and comprehensive.

Consult an experienced Tax Accountant who will help you to be sure about the correct preparation of your financial account for CRA tax Audit. ?An experienced Tax Accountant??is well aware of the tax law and can suggest tax planning strategies. An experienced Tax Accountant?can help to calculate and suggest the lowest amount of tax you are obligated to pay with controlled risks of CRA tax audit.

Even if you complete and file your taxes accurately, there is still a possibility that the CRA may decide to audit your tax returns. It is wiser to seek guidance of an experienced tax accountant to offer a defense strategy for a possible CRA tax audit.

You may have vast theoretical knowledge about tax and affairs of the CRA, but many people have learnt that it is not an easy struggle to tangle with the tax people. Handling a CRA tax audit comes only through experience. The tact does not come through formal education; it comes by learning from battle field experience on first hand basis and knowing all the tricks.

While making assessments on your taxes filed, a professional tax accountant would definitely be able to come to your rescue. A CRA tax audit is a scrutiny of taxpayers? documents and records to establish the calculation of their taxes and check whether the returns have been accurately completed or if there is a potential to charge interest or penalties to the taxpayers.

A CRA tax audit is the way the government ?verifies the tax returns of Canadians to ensure that all taxes have been reported with accuracy and honesty. The CRA can also audit both GST and HST tax returns, personal income tax returns, excise taxes and the payroll documentation.

The consequence of anything going wrong on the tax returns would result in several penalties and that may include criminal prosecution. As per the CRA, an effective tax system of self-assessment could be realized through continuous inspection of individual and corporate tax returns. In the absence of a CRA tax audit, it feels that the tax system would be redundant and ineffective.

The one-on-one interaction with the CRA agent gives the opportunity for the taxpayers to get a personalized experience with the tax agency and it also creates a situation where the taxpayers need to deal with the tax agency on a subject that CRA agents have more experience and resources over taxpayers.

Experienced tax accountants are expert in their field and particularly in their working with the CRA while defending taxpayers from the tax agencies. In the case of a CRA tax audit, the tax accountants will work on behalf of the taxpayers to defend their tax returns to the CRA as they have access to the highest appeal levels. These experts will also be able to review the tax returns and the related documents of taxpayers for problem areas. They are adept at corresponding with the CRA on behalf of the taxpayers and also in scheduling and attending all CRA tax audit appointments.

The CRA can also issue a Notice of Reassessment if it feels that some taxpayers are not cleared to qualify for a credit or a deduction. The taxpayers can prepare a Notice of Objection through their accountants if they feel that the CRA has committed an error. This filing of the objection is the initial step in the process of getting a tax dispute resolved. The Notice of Objection has to be filed within a period of ninety days from the day the CRA mails its Notice of Assessment.