Tax Audits
Tax laws are constantly changing. A tax audit is an independent cold review of the OSP’s files. This is usually performed at the OSP’s offices. It may be for a specific purpose, such as on acceptance of the appointment as trustee or director, where a review of the structure can provide the incoming OSP with the assurance that the tax planning envisaged is both current in law and implemented correctly.
Many tax mitigating structures fail as a result of poor implementation as opposed to poor tax advice. Correct implementation is generally easier to achieve when the structure is set up initially, i.e. at a time when the planning is familiar. However, the passage of time, staff or trustee/director changes, and changes in the applicable law(s) mean that regular, independent reviews are highly recommended.
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