617 Forum

 

Find a story which discusses an entrepreneur or business which failed largely because of their lack of attention to financial obligations to tax or regulatory agencies of the federal, state, or local governments. Evaluate the type of business and the patterns of behavior which led to its ultimate demise because of their inattention to financial obligations to the government.  Detail the elements you'd include in a tax compliance document that could prevent this type of issue from occurring in your venture.

Note: Write only about businesses which have failed because of their unresponsiveness to government liabilities not those which failed because of other financial problems or liabilities. Some entrepreneurs who have lost their businesses because of “unknown” taxes or regulatory fees owed the government claim that they did not know about the taxes or fees and therefore their business loss was not their fault. Based on the information you gathered about the company you are evaluating, do you think this was the case in their situation? Explain.