Why Have I been Selected for Audit?
Receiving notification of a level 1 or 2 Revenue Intervention or a level 3 Investigation into your or your company’s tax affairs is an unpleasant shock at the best of times. For many taxpayers, the jargon and legislation used by Revenue can leave you feeling out of your depth. Your first reaction will be to ask, Why Me?
It’s a good question. Finding an answer to it before a level 2 or level 3 intervention begins will be the key to achieving the best possible outcome to the tax audit process. In searching for the answer, you can’t expect to receive any help from Revenue. It’s not their policy to tell taxpayers the reason they have been selected.
Our tax consultants have decades of experience in dealing with Revenue Audits and Tax Investigations working at senior level within the Revenue Commissioners or in settling Audits from within professional practice. We understand that these are stressful and unwelcome events. In our view, the best way of easing the stress is to use the time before the Inspector calls to be as prepared as possible. To help clients do this, our first step is to review the client’s tax returns and significant prior transactions in order to help answer the question, Why Me?
This review, in conjunction with our discussions with the client will be the starting point in preparing for the Audit. After this we will work with you and advise you on the best way to navigate Revenue’s queries and procedures and how to respond to the audit to minimise the consequences of any potential underpayments of taxes that may occur.
If you are about to be audited by Revenue or need a second opinion on a Revenue Audit issue and would like to discuss your own case with us, feel free to ring or email either: Joe McAvoy, Dara Burke or Stephanie Kirby on info@mcavoy.ie.
*This tax article is written in general terms and should not be relied on as a comprehensive summary of the relevant tax law. Professional taxation advice should always be sought before any action is taken.
