Tax Commentary

Owens Tax Advisors continues to deal with significant numbers of IRD reviews and audits of taxpayers who IRD allege haven’t returned all their cash income.

This is especially relevant if you or your clients are operating businesses in:

• Hospitality
• Trades
• Otherwise having material cash transactions

IRD has multiple sources of income that lead them to review and audit high risk industries, especially those that handle a lot of cash.

In this article we summarise key issues and how to handle them.

Read on “How to handle IRD risk reviews and audits re undisclosed cash income”

The following article was written for and published by Accountancy Insurance in their Autumn 2017 newsletter and in due course will also be available from their website,  www.accountancyinsurance.co.nz/publications/newsletters.

The article discusses IRD review and audit activity, penalties, and the benefits and process for voluntary disclosures of shortfalls.

March 2017: Tax and the ‘hidden economy’

IRD has an ever increasing focus on audit activity including the so-called “hidden economy”.

In this article we comment on IRD’s current areas of interest, some challenges with IRD’s approach, and how you should respond.

We have also announced a new service that provides client structural and land transaction information in a user-friendly format.

Read on “IRD audit activity – July 2016 update”