Many businesses get away with faulty tax procedures for years. Unfortunately for these companies, however, the truth has a way of coming out in the end. Take SM Entertainment, for example. This South Korean entertainment company was suspected by the Seoul Regional National Tax Service, comparable to the IRS in America, of not filing taxes on much of the money earned from clients’ overseas promotions.
Well, the result was a tax audit. That’s also the usual result in America when a company or person falls under suspicion for some kind of tax fraud or dishonesty. The audit resulted in the company having to pay back around 10 million United States dollars.
Even if you’re not dealing in that kind of money, it’s still important to make sure all of your tax-related matters are on the “up and up.” If they’re not and an audit is conducted, you could end up in big trouble. Don’t make a huge mistake; let a professional handle your taxes and your financial records for you.