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Tag: Accounting Services

All You Need To Know About Tax Audited Financial Statements

If you have received a notice from the CRA stating that you are going to be audited, you need to arrange all your tax audited financial statements well in order before the meeting. If you are not well aware of the rules of a tax audit, it better to hire a good CPA i.e. Certified Public Accountant for yourself.

It is very essential to understand all your rights in an audit so that you may know about the important things that you are going to need before the audit. CPA has all the necessary information that may help you in giving explanation of your money and expenditure.

Tax Audit

You may find a CPA from many resources like referrals from friends and relatives, newspaper ads as well as online websites. For finding a perfect CPA online in Toronto, you may type CPA Toronto on your Google page and the required results would be on your computer screen.

Whenever the CRA contacts you, you must need to consider few things that are very important. The CRA can make use of certain things to try and obscure your meeting. Keep the following things in mind in case you are audited:

You must always carry a cancelled check or a receipt with you so that you can claim anything as a deduction, as and when required.

Tax Audit Solutions

If you are not satisfied with the decision of the auditors you can make an appeal. But you should make an appeal only if you can prove that whatever they are saying is not correct.

Before the final day, you must be ready with all the documents regarding your finances.

You may be given paperwork to sign during the audit. But before signing, you must read through each and every section of the document so that you may not lose any of your right once you sign.

What to do if getting audited

Toronto accounting services can help you in this matter by providing efficient CPA. CPAs are qualified professional that are trained in audits, financial statements preparation and other tax related problems. It is recommended that you should hire a CPA, if you want to face any problems in tax audit.

You may search for additional resources available on the internet to get more updates on tax audits and other tax related issues.