WINNIPEG, MB: Compass Accounting CPA Ltd., a Winnipeg accounting and tax preparation firm, is offering assistance to those who receive Canada Revenue Agency (CRA) reviews.
Every year, millions of Canadians receive notice that their tax return is being reviewed by the CRA. In 2022, there has been a significant increase in the number of CRA reviews and audits. This is a cause for concern for many Canadians.
When someone receives a notice for review in the mail, they’re often unsure of what to do next. The best thing to do is to take action immediately and seek advice from a professional accounting and tax preparation firm.
“We’ve heard about more and more clients getting review letters for this year’s income tax returns,” said Karen Kundel CPA,CGA CBV, the owner of Compass Accounting. “This is a stressful situation for any Canadian, and we offer our services to make the process as seamless as possible.”
There are a variety of reasons why the CRA may review or audit a tax return. Returns may be selected at random or flagged if the return doesn’t tie to CRA expectations based on silps issued or variances from a normalized range for a claim.
The CRA does not disclose the specific reasons why a return may be selected for review. For Canadians concerned about reviews and audits, it is best to keep thorough documentation of all expenses and profits throughout the year.
When filing an income tax return, it is highly advisable to work with an accounting firm. This is especially true for businesses. After the tax return is filed, if the client receives a notice for review, an accountant will be there to assist them every step of the way.
Compass Accounting is offering its services to help Canadians who receive a notice of review. Any Canadian who is being reviewed or audited by the CRA can contact the accounting firm for assistance with the process.
Compass Accounting is a CPA firm that helps businesses manage their finances and identify growth opportunities. They create custom packages for businesses based on their needs. The company’s services include financial statement preparation, business valuations, and tax preparation. For more information about the company and the services it provides, visit https://www.compass-cpa.com/.