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Question 1 : Companies often use the service of business consultants to handle their annual tax report. Reasons are business consultants understand the steps and

Question 1 :

Companies often use the service of business consultants to handle their annual tax report. Reasons are business consultants understand the steps and documentation requirements. Businesses face complicated tax regulations and penalties for tax errors are costly. According to a business consultant, 25% of all business annual tax reports contained errors that resulted in a tax penalty to the owner of the business. Tax penalty for a sample of 16 business owners follows:

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