In this session, we discussed the common mistakes that businesses frequently make when managing their tax obligations, such as failing to file and pay taxes in a timely manner. When such situations arise, businesses run the risk of facing collection actions by taxing agencies, and even the potential dissolution of their corporate entity. We will explore various options that businesses can pursue when finding themselves in these challenging scenarios.
Learning Objectives
- Upon completion of this course, you'll be able to:
- Identify the most common tax compliance mistakes businesses make (e.g., missed filings, late payments) and describe the potential consequences (e.g., penalties, liens, corporate dissolution).
- Evaluate real-world case studies to determine the root causes of tax non-compliance (e.g., cash flow issues, lack of expertise) and assess the escalation risks (e.g., collection actions, revocation of corporate status).
- Develop a proactive tax compliance plan incorporating:
- Timely filing/payment protocols
- Communication strategies with taxing agencies (e.g., installment agreements, penalty abatement requests)
- Internal controls to prevent recurrence
Major Topics
In this session, we discussed the common mistakes that businesses frequently make when managing their tax obligations, such as failing to file and pay taxes in a timely manner. When such situations arise, businesses run the risk of facing collection actions by taxing agencies, and even the potential dissolution of their corporate entity. We will explore various options that businesses can pursue when finding themselves in these challenging scenarios.
