Best Practices: Avoid these 10 common and costly tax mistakes

Tax season is winding down, but it might be wise to double-check your organization’s calculations at least one more time. In 2013, the IRS collected nearly $7 billion in civil penalties from U.S. businesses due to misreported income and employment figures.

For financially secure growth, businesses, especially those in asset intensive industries like manufacturing, must practice sound tax and accounting processes. While technology has helped companies manage these financial practices more efficiently, it has yet to eliminate the potential for human or organizational errors.

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