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Preparedness: Audit readiness

Family office leading practice series

​Taxpayers continue to face heightened scrutiny from revenue authorities around the world. In such an environment, prudent steps for taxpayers are to identify and prepare for potential examination risks, understand changing examination procedures, and navigate dispute resolution alternatives available to them, if needed. Family offices and the families, business, and investment entities they serve are no exception; they should proactively incorporate such practices into their tax planning and compliance processes.​

Leading practices

Family offices can effectively prepare for a tax examination by conducting a periodic risk assessment. This can range from a simple discussion with internal advisers to a detailed audit readiness assessment that includes document analysis, interviews, and other data gathering.

The assessment can help the family office identify and quantify potential material issues that may be a focus of an examination. In addition, it can help the family office develop and maintain a system for handling information requests that may be received from revenue authorities.

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Audit Readiness services

​Deloitte’s Audit Readiness services include:

  • Identifying material issues that can become the focus of examinations
  • Preparing for examination of these issues
  • Developing and maintaining a system for addressing potential revenue authority information requests​

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Potential areas of examination

Audit Readiness assessments can address many issues associated with the following:

  • Income, estate, and gift tax, including disclosure of certain gifts and non-gift transactions, valuation issues, and review of proposed tax positions reported
  • Lifestyle assets, such as aircraft, arts, antiques, watercraft, and jewelry
  • Residency issues, including analysis and documentation of multiple homes, related travel, and legal domicile
  • Indirect tax issues associated with purchases of goods, services, and lifestyle assets, as well as coordination of customs and border control reporting, and asset registration​

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Why Deloitte?

It’s business, and it’s personal.

Deloitte has discreetly served high net worth individuals, families, and their enterprises for more than 100 years. As a trusted adviser to many of the world’s most affluent families, family offices, and private trust companies, we offer significant experience and integrated service capabilities. You gain access to our global network of resources and a world-class level of knowledge and experience tailored to the unique and personal circumstances of your family office and the family it serves.

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Learn more about Deloitte Family Office services

While death and taxes are inevitable, their consequences do not need to be a surprise. Family offices are in a unique position to prepare their organization and the families they serve to plan for the inevitable.

Explore the wealth transfer planning strategies that family offices must use to prepare the high net worth families they serve for the death of a principal.

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Get in touch

Julia Cloud

Julia Cloud

National Industry Leader | Private Wealth

Julia leads the Private Wealth sector of the Investment Management industry practice, Deloitte Tax LLP. This sector focuses on the needs and challenges of the buyers and providers of private wealth ma... More

Wendy Diamond

Wendy Diamond

Partner | Deloitte Tax LLP

Wendy leads the Private Wealth Tax sector of the Investment Management industry practice. In this role, she works with colleagues across the country to develop and deliver innovative tax solutions rel... More

John R. Silverman

John R. Silverman

Global Leader | Family Office | Deloitte Tax LLP

John is a principal with the Private Wealth practice of Deloitte Tax LLP (“Deloitte”) who works exclusively with ultra high net worth clients. With more than 30 years of experience, he is one of the f... More