What Are Common Tax Compliance Challenges for Entrepreneurs?
Entrepreneurs often face unique challenges in staying compliant:
1. Multinational Operations: For businesses operating in multiple countries, navigating different tax regimes can be complex. 2. Cash vs. Accrual Accounting: Choosing between cash and accrual accounting methods can affect how taxes are calculated and reported. 3. Employee vs. Contractor: Misclassifying workers can lead to significant tax liabilities and penalties.