New Year seminar sale! Receive 30% off our top seminars
Jan 24, 2023 @ 8:30am - 12:30pm
Jan 25, 2023 @ 8:30am - 12:30pm
To get the full experience of this live, interactive course we recommend you join five minutes prior to the scheduled starting time, and use a computer that has video and microphone capabilities.
NOTE: This course description has been revised and reflects updates for 2020. If you have any questions, please contact firstname.lastname@example.org
Formerly Titled: GST/HST - Preparing for an Audit
Being proactive is key to a successful GST/HST audit.
This live webinar provides a comprehensive review of a typical Canada Revenue Agency (CRA) audit from start to finish and discusses some of the common audit exposures creating assessments for taxpayers.
Designed for practitioners who work with sales taxes on a daily basis, this seminar will show you how to manage an audit, proactively prepare for future audits, and how to mitigate after-audit issues, including the assessment of penalties and the objection process. Participants will look at ways to minimize GST/HST exposures by using everyday examples from businesses of all sizes.
The prerequisite to this course is GST/HST - Fundamentals. Participants should have a good working knowledge of GST and HST rules.
- Explain the importance of an audit and they types of audits
- Describe the audit process
- Describe a taxpayer’s responsibilities
- Identify most common audit exposures
- Overview of the audit - audit basics, types of audits, audit selection, audit lottery, audit period, standardized accounting, voluntary disclosures, and director’s liability
- Before the audit - proactivity and record retention
- During the audit - onsite audit communications, tips, and techniques as well as waivers
- Finalizing the audit - proposed assessment, wash transactions, information access, notice of assessment, interest, and penalties
- After the audit - notice of objection and notice of appeal
- Common audit exposures - updated laws, record keeping, meals and entertainment restriction, taxable benefit remittance requirement, expense reimbursements, non-collection of tax, supplies between related parties, real property purchases, misreporting of temporary recapture of input tax credits, and current tax rate
WHO WILL BENEFIT
CPAs, students, practitioners and other advisors who want a greater understanding of the common GST/HST audit exposures and the CRA audit process.