Audit Shield Anniversary
Time to renew your Audit Shield policy! Audit Shield is available to all our clients, it allows the peace of mind that any professional fees incurred in the event of not only a tax audit but also any IRD request of information, enquiry, investigation or review will be covered in full. We are consistently receiving IRD requests for information or enquiries so the chances are high this could be money well spent!
We hope that you never have to make use of it but we do recommend it. Over the last few years, extra funding has been provided to the IRD to commit additional resources to the request and review of tax payer disclosures, focus on compliance and a continuation of extensive auditing. This is where Audit Shield kicks in. The policy will provide peace of mind that our fees and any other specialist advisors fees incurred are covered, relating to the time taken to respond to the request for information or to participate in an audit and this fee could range from $400 to $4000 depending on the complexity of the questions asked or information required.
You do not need to have done anything wrong to be selected for IRD review at any level.
You will probably have received the first letter inviting you to participate in the scheme—if not it won’t be far away. (You may also get a follow up reminder letter if you do not respond to the first one.)
Please read the letter carefully so you can make an educated decision on whether to participate or not. If you have questions please ask.