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Small Business Management and Tax Laws

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1.Discuss the impact of a business owner failing to obey tax laws.
2.What are the ethical implications of such failure?
3.From an ethical perspective, is his/her reasoning an acceptable defense? Why or why not?

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Solution Summary

This solution discusses the following:
1.Discuss the impact of a business owner failing to obey tax laws.
2.What are the ethical implications of such failure?
3.From an ethical perspective, is his/her reasoning an acceptable defense? Why or why not?

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1. The impact of a business owner failing to obey tax laws is serious. It can involve loss of reputation, fines, and possibly imprisonment. Ultimately, it may cost the business owner his livelihood. Should a small business fail to follow tax laws, there will be ramifications through the government. According to the Internal Revenue Service (IRS) penalties and interest will be assessed and will increase the amount of tax due. In addition, based on the information the IRS has from other sources, the IRS will file a substitute return. ...

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Sally Baldwin, Ed.D
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