REVENUE AUDITS FOR ‘PROFESSIONALS’

The Revenue is stepping up its crackdown on undeclared income by targeting accountants, lawyers and other professionals, The Sunday Business Post reports. “As part of its initiatives in 2011 to check compliance in cash businesses, Revenue is looking at a number of white-collar professions, including accountants,” a Revenue spokeswoman confirmed. “All four Revenue regions are involved. Audits and assurance checks are ongoing in a number of cases.” The campaign is part of a wider attempt to thwart the shadow economy and focuses on “any sector that has the ability to deal in cash”. “In our experience, one of the biggest risks is the suppression of sales and under-declaration of income and profits,” she said. “In recent times, a considerable part of the Revenue audit and verification programme is aimed at cash businesses, and a number of projects are ongoing.”