You will write a short paper in response to the person’s draft. In other words, pretend that you are the teacher and write comments that you would usually find at the end of final draft papers. Please spend time on this; treat your peer’s paper like you would want your paper to be treated. The purpose of this assignment is to help you evaluate your own paper in these terms, as well as support your peers so that everyone gets the best grade possible on this paper! Please review the paper and prepare the following response.

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SUBJECT: Business’s Failing to Properly Follow Tax Regulations

Due to the large amount of fraud scandalous that have become popular in the past years, the business world has been given a negative reputation. People assume that many successful companies are only prosperous because they cheat. A common problem is the business world is companies are failing to properly report taxes and their true incomes. This is a situation that can truly damage an employee’s future without them even knowing, which is why it is essential to be well informed about what a companies and employees tax duties are.

The Frequency of Tax Violations in the Business World

The average employee isn’t aware of how often companies are involved in tax regulations. Their knowing the basics of tax regulations can truly help and be beneficial to their future. Companies in many cases fail to properly report the amount of workers they have, their cash profits, and where their money is actually going.

The Consequences and Penalties to Tax Fraud

Many people involved in business often cut corners to make profit quickly without analyzing the consequences of their actions. It is good to be aware of how serious tax fraud is and how doing something that doesn’t seem so terrible can truly destroy and company and one’s life. Failing to properly report taxes can lead to possible jail time and penalties that can make the person be indebt for the rest of their lives. It is a serious crime and shouldn’t be taken lightly.

The Prevention of Tax Fraud and What the Typical Employee can do about it

As an employee it is important to be aware of what taxes you are obligated to pay and whether or not a company is doing so. It is important to pay taxes since it could affect how much social security you get in the future. It is also vital that if you suspect a company of tax fraud that you reported since it could damage a lot of people if let alone