IRS Tax Limited - Accountants Specialising in Tax

Audit Cost Cover

This week hundreds of businesses will be selected for an IRD audit. You could be one of them. Make sure that you have complete peace of mind and a way to fund the thousands of dollars required to defend an audit today!

Dear Business Owner,

It is only a matter of time before you will be due an IRD audit. We find that some of our clients are unaware that every taxpayer is supposed to have an audit once every five years. The cost of dealing with the audit falls is additional to the cost of your annual accounts.

We know the potential toll it can have on our clients business through time and money not accounted for, as well as the many hours of unwanted stress it can bring! Which is why I want to make sure you're not caught off-guard.

As your accountant I would be remiss if I did not bring this to your attention and offer you a solution that could potentially save you thousands of dollars in extra cost and fees associated with going through an audit.

I believe that the best solution is Audit Cost Cover.

Audit Cost Cover is a fee-based subscription service that offers 'paid' professional assistance (up to a selected professional fee limit that you select) in the event that you need to respond to any form of enquiry, investigation, review or audit on a return legally required to be lodged with a New Zealand government agency. When an insured party is audited, the professional costs associated with defending that audit is covered up to the limit selected.

This means you have access to specialist advice when you need it most!

Here are five reasons why you should consider protecting yourself against such an occurrence.

1. The IRD is the petitioning creditor in two thirds of court appointed liquidations
2. In 2008 72.5% of audits ended with the IRD finding additional tax to pay
3. The average additional tax assessed where the IRD found a discrepancy was $121,000 (this does not include the bank cases in front of the court)
4. The average time the IRD take for small audits is 3.3 months and for large audits 10 months
5. Nine % of audits were open longer than 24 months

How would your business cope without you? Would it continue to be profitable if you had to take large amounts of your time dealing with government agencies?

Your time is valuable and any disruption or change of focus can be costly to you. Audit Cost Cover can help minimise this.

Here are six benefits of protecting your business with Audit Cost Cover.

1. You will have immediate access to specialist advisers
2. The expense of the audit is completely covered up to the amount insured
3. The claim process is simply and prompt
4. There is no need for you to deal with the IRD or government agencies
5. You will have peace of mind knowing that everything is being professionally covered
6. You will have guaranteed acceptance

Audit Cost Cover is underwritten by QBE Insurance. This reputable company has been operating in Australia for over 120 years and in New Zealand for 99 years. QBE is Australia's largest international general insurance and reinsurance group and one of the top 25 insurers and reinsurers worldwide.

You could be audited by the IRD any time now. Make sure that have total peace of mind and are well covered when this happens.

Simply complete the Client Acceptance Form and return it to us at PO Box 5007, Wellesley Street, Auckland.

Kind regards,

Chris Heaslip
Director and Founder

Chris Heaslip
Managing Director
IRS Tax Limited

P.S. It's not a matter of "if" but "when" you will undergo an IRD tax audit. Audit Cost Cover means affordable expertise for your business when you need it most.