The Best Policy For Tax Audit Insurance – Audit Shield
Accountants make mistakes sometimes during the filing of tax returns. This may result in the client getting a scrutiny from the ATO or other revenue collection departments of the Government. Facing a tax audit is a nightmare for most tax payers. It consumes a lot of time and money to get out of the tax scrutiny.
An effective option to safeguard the accountant and taxpayer and cover the expenses of a tax audit is to get an audit shield insurance cover. The comprehensive insurance plan will help the taxpayers to cover all the expenses incurred during the tax investigation. It takes away the worry and pressure of huge financial losses due to tax scrutiny and makes the process of filing returns easy and convenient.
The benefits of audit shield apply to both the tax payers and their accountants. While the tax payers are covered for all the expenses, the accountants are happy that they are paid directly through the policy and need not worry about the rising costs and increasing man hours in dealing with a tax scrutiny. Moreover, clients are happy to get audit insurance as part of the service contract of the accountant as they can be covered against the mistakes committed by the accountant.
The accountants can register for audit shield, directly from the website. They can provide their details and get a call from the customer service executives, who discuss in detail about all the terms of the policy. Once they are satisfied with the terms, accountants can start using the policy cover. It is very helpful to the accountants as they need not pay any upfront costs to start using the cover. They can make the payment after receiving the fees from the client, which helps to create a positive cash flow situation.
The best cover for tax audit is audit shield offered by Accountancy insurance. The services of the policy are available in Australia, New Zealand and Canada. The product is preferred by most of the leading accountants in these countries to protect themselves and their clients from the huge expenses of tax audit. It also provides the accountants an added advantage to stand out in the competitive market.