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.
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