What Happens When a Business Does Not File Taxes on Time (Consequences of Long-term Tax Non-Compliance by a Business)?


What are the consequences of a company not filing taxes on time or not filing taxes for an extended period of time?

2023-05-26 15:36

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Failing to submit tax returns in a timely manner may result in penalties and interest charges being assessed against the business. Additionally, the business may become subject to audit and other enforcement actions by the tax authorities. If a business continually fails to report and pay its taxes, it may face legal action or even the revocation of its business license. In the long run, failure to report taxes can lead to financial instability and reputation damage for the business.

Release time 2023 05 26

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