Article by Patrick Sutton, Partner, O’KellySutton, The Sunday Business Post, 2nd Sept, 2012.
Taxpayer’s compliance record:
A compliant taxpayer is significantly less likely to be selected for Revenue audit. Revenue can also assist in obtaining a phased payment plan in the future, should you ever find yourself unable to pay your tax liabilities on time.
As we all know, it is a legal requirement that tax returns are accurate. The penalties for false returns are severe and can include prison sentences in some cases. If you fine a return already submitted is not correct, we advise that a corrected return or supplementary return be submitted. Continually correcting returns can attract the Revenue’s attention.