Illustrative example
A business receives an eligible payroll-tax review notice. The policy may reimburse covered accountant or tax-adviser fees.
Professional fees after a review notice
Tax audit insurance
A revenue-authority review can require significant accountant, tax-agent and legal work.
Tax audit insurance may reimburse approved professional fees for eligible audits, reviews or investigations. It generally does not cover the underlying tax, duty, interest, penalties or ordinary accounting work, and cover usually excludes known or already notified matters.
Preparing the review
What information usually matters?
- Entity type, business activities, turnover and number of employees.
- Taxes and duties that may be reviewed under the proposed wording.
- Recordkeeping, advisers and prior audits or investigations.
- Current notices, disputes or circumstances that could lead to a review.
- Professional-fee limit, excess, waiting period and exclusions.
Important boundaries
This insurance does not determine the tax outcome and is not a substitute for tax advice, accurate records or statutory compliance.