Failing to stay updated with tax laws can lead to several risks:
1. Penalties: Non-compliance can result in hefty fines and penalties. 2. Audits: Increased likelihood of audits, which can be time-consuming and costly. 3. Financial Instability: Unexpected tax liabilities can disrupt your cash flow and financial stability. 4. Missed Opportunities: Missing out on new tax credits or deductions that could benefit your business. 5. Legal Issues: Potential legal complications that could arise from non-compliance.