REVENUE AUDITS

Expert Guidance for Navigating Revenue Audits with Walsh Business Consulting

At Walsh Business Consulting, we possess extensive experience in representing clients, both corporate and individual, during Revenue audits and investigations. The significance of meticulous planning for Revenue audits cannot be overstated, given Revenue's stringent compliance approach and the relatively low monetary threshold that triggers default publication.

How We Assist You During Revenue Audits

Should you be selected for an audit by the Revenue Commissioners, our firm offers valuable assistance in the following ways:

• Strategic Pre-Audit Consultation: We collaborate with you to pinpoint areas likely to undergo intense scrutiny by the auditor. Our aim is to assist you in proactively preparing for potential inquiries and addressing any anticipated issues.
• Clarifying Audit Scope: We elucidate the extent and constraints of Revenue inquiries, ensuring you have a clear understanding of what is considered reasonable and what to anticipate during the audit process.
• Penalty Awareness: We apprise you of potential penalties that may be imposed if irregularities come to light. We underscore the benefits of voluntary disclosure before the audit commences, a step that can aid in mitigating penalties.
• Mitigation Strategy: Our seasoned team works with you to formulate an effective strategy aimed at minimising the impact of the audit. We endeavour to achieve a satisfactory resolution that aligns with the interests of both you and the Revenue Commissioners.
• Representation and Negotiation: We act as your advocates throughout every phase of the audit process, engaging in direct negotiations with the Revenue Commissioners on your behalf. This includes the negotiation of deadline extensions when circumstances demand it.
• Guidance in Case of Impasse: In situations where an agreement cannot be reached with the Inspector, we provide valuable guidance on potential courses of action and next steps to consider.
  

Proactive Compliance

It is crucial to note that Revenue's methods for selecting businesses and taxpayers for audits have become increasingly sophisticated. Leveraging advanced IT systems, Revenue gathers and processes data more efficiently. The government's fiscal challenges also compel Revenue to focus on identifying errors and omissions in tax returns, leading to more rigorous audit investigations.

To minimise the likelihood of being audited, it is advisable to maintain a strong compliance record and proactively communicate with Revenue regarding any unusual transactions or trading histories. Taking these steps positions you closer to avoiding the scrutiny of an audit.

Discover how Walsh Business Consulting can support you through Revenue audits and help you maintain compliance and minimise risk. Contact us today for expert guidance tailored to your unique situation.