What are different kinds of tax-related risks?

[Good-Person]

Tax-related risks could be of many different types. Usually, many people think that when they do not pay taxes, they will be fines. However, what are some other types of tax-related risks people must be aware of? Why does it matter?

 

[Debashis]

Some other tax-related risks people must be aware of include tax fraud, errors in tax filing, tax audits, and changes in tax laws. It matters because these risks can lead to financial penalties, legal consequences, and unnecessary stress. Being aware helps individuals stay compliant and make informed decisions about their taxes.