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Almost all taxpayers are subject to tax obligations. As well, the business operations of most companies are examined by tax authorities. Because of this, it is crucial for business owners to employ some form of tax audit insurance in order to protect themselves from costly fees, penalties, and other financial and operational ramifications that can come as a result of an official audit.
With its mission to help companies accelerate innovation and business growth by maximizing R&D tax credits, Boast has developed the ideal solution to the risk and probability of tax audits.
AuditShield, the financial platform’s tax audit insurance product, is a valuable resource for taxpayers as it reduces the likelihood of being audited during an R&D Tax Credit claim. It does this by providing expert guidance and regular check-ins from in-house tax professionals to ensure your audit documents are complete and accurate all year round and help you avoid rushing to meet tax deadlines and providing software to facilitate the consolidation of data from your technical and financial systems into comprehensive and detailed audit documents.
Products AuditShield – R&D Tax Audit Insurance
Audits are usually conducted when auditors spot gaps or inconsistencies in your claim. They also often entail high costs due to potential penalties for proven errors or discrepancies as well as professional fees incurred for the service itself.
AuditShield’s intuitive technology covers the consolidation of critical data like tickets, timestamps, and transactions from your internal systems, and organizes them into clear and complete tax and financial statements in order to protect your business from R&D Tax Credit claim risks. This technology is enhanced with a human touch—that is, consistent counsel and guidance from Boast’s in-house tax experts to help you prepare and validate your claim as efficiently and successfully as possible.
With all these features combined, Boast’s AuditShield not only lessens the risk of being selected for an audit, but it can also help you reduce your tax claim preparation time to as much as 90%. Besides that, the platform boasts a strong track record, winning as much as two times the industry average in tax audits, so you can work on your claim with R&D Tax Credit.
There are a few different ways to go about claiming tax audit insurance. The first is to purchase a policy from an insurance company. This type of policy will provide coverage in the event that your business is audited. The second option is to take out a policy with an accounting firm. This type of policy will cover the cost of any legal fees or fines that may be assessed as a result of the audit.
No one enjoys the idea of an audit, but if your business is selected for review by the Internal Revenue Service (IRS), it is important to know what to do. Audit insurance can help you relax a bit during this process, knowing that you are fully protected from any potential financial damages. Here are the steps to take in order to make a claim:
It is important to understand what CRA and IRS audit insurance is, and how they can protect your business.
CRA audit insurance is a policy that defends Canadian businesses against audits by the CRA. Coverage includes legal fees, accounting advice, and other associated costs. This type of insurance policy is essential for companies that deal with significant government contracts, as the CRA is known for its rigorous auditing process.
IRS audit insurance is similar to CRA audit insurance, but covers businesses in the United States. The IRS is well known for conducting thorough audits, so having coverage can save you time and money if you are ever faced with an audit activity.
Both CRA and IRS audit insurance can be purchased as standalone policies or as part of a wider accountancy insurance policy. It is important to research your options and find the policy that best suits your business needs.
We’ll defend you in an IRS or CRA audit. Plus we compile detailed audit documents from your systems by combining tickets, timestamps, and expenses.
We’ll defend you in an IRS or CRA audit. Plus we compile detailed audit documents from your systems by combining tickets, timestamps, and expenses.
In-house experts prepare and validate your claim, applying their collective decades of experience in finance, tax, and technology to maximize your eligibility. Regular check-ins throughout the year mean you are always making the most of your innovations without the end-of-year deadline scramble.
The Boast platform gathers data from your technical and financial systems to identify and categorize eligible projects, time, and expenses—estimating along the way instead of only at the end—and getting you more money, faster, for less time, and risk.
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Our manufacturing R&D tax experts will quickly assess which of your activities are eligible for R&D tax credits. During this conversation we will highlight: