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The Cost of Tax Errors

2019 – 11/26 Tax errors can be costly for small businesses. Accidentally failing to comply with tax laws, violating tax codes, or filling out forms incorrectly can leave taxpayers and their businesses open to possible penalties. According to the IRS, the most common errors by small businesses include underpaying estimated taxes and depositing employment taxes late or incorrectly. Other common mistakes are not separating business and personal expenses and filing late returns. Using a tax preparer is one way to avoid these kinds of errors, the tax agency noted. (IRS Tax Tip 2019-164)

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