Generally speaking, businesses have a duty to pay their taxes in the jurisdiction they operate in. The specific details vary by jurisdiction, but generally this includes filing tax returns on an annual or quarterly basis, paying any applicable income or sales tax and , if necessary, collecting and remitting payroll taxes for employees. This should be done at both the state/provincial level and federal level where applicable. Depending on your jurisdiction you may also need to pay other types of taxes such as property or excise taxes.
It is important that business owners stay up-to-date regarding their specific obligations which can change from time to time based on changes in laws or regulations. It is also important that businesses keep proper records of all financial transactions so they are able to accurately calculate and report what they owe when it comes due. Businesses should consult with qualified legal counsel who understands their industry’s particular tax requirements before taking any action related to taxation issues as failure to comply with local laws can result in severe penalties including fines, interest charges or even criminal prosecution in extreme cases.
By
