Tax health check

Service Description

With this service package, depending on the client's specific demands, we will perform an independent review of their tax filings (for any type of tax or all). This service will help the client feel more secure about their tax filings and timely make corrections for mistakes, if any, before official tax inspection/investigation to minimize tax penalties.

Accordingly, our detailed works are as follow:

• Discuss with the client to clearly understand their concerns and propose proper solutions. Then, explain and agree with the client about scopes of work and detailed procedures that will be applied.
• Coordinate with the client's accounting department to obtain all tax filings of a period and related documents for the next steps.
• Check the tax filings to ensure that they are fulfilled in compliance with tax laws.
• Reconcile figures on the tax filings against detailed ledgers, and check to ensure the figures are accurately calculated and with the right tax rates.
• Scan and review transactions on the detailed ledgers to make sure that they are eligible for tax expenses or tax refund (depending on each type of taxes). If any unclear, promptly inform and discuss with the client to make sure of their nature for tax filing purposes.
• Reconcile tax figures against accounting figures to make sure that there are no missing transactions (both revenue and expenses) for tax-filing purposes.
• Scans and choose a sample of transactions from the detailed ledgers to check their supporting documents to make sure that they properly reflect the transactions and are eligible for tax purposes.
• Identify misstatements of the tax filings and propose proper adjustments and solutions for the client's review and consideration. Prepare and send a detailed report to the client and then directly explain the report when required.
• Finally, we send a recommendation letter that presents our recommendations regarding tax the client's tax information system and procedures, tax risks, and how to make the most use of tax benefits, if any.

Clients consider using this service in the following cases:

• The client wants to clearly understand the situation of their tax filings and all potential tax risks before the official tax inspection. They want to be well prepared for the tax inspection/ investigation to minimize tax penalties.
• The client feels that there may be undetected tax risks somewhere due to typical characteristics of their business, or they do not have enough confidence in tax filings of previous periods or the capabilities of their tax department's personnel.
• The client finds some mistakes of tax filings and wants an independent review to detect all other mistakes, if any.
• The client's tax filings of many years have not been inspected by tax authorities; therefore, the client does not feel secured.
• The client want to consult a tax consultant to adjust tax returns for issues that are unclear or not regulated.