ProbabilityandImpact

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American InterContinental University *

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420

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Economics

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Feb 20, 2024

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docx

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1 Tax preparer Student’s name Institution affiliation Course Instructor’s name Date

2 Probability and Impact When filing taxes as a side enterprise, a few potential issues may arise. Making errors on tax forms, missing important dates, or encountering technical difficulties with tax software are all possible challenges (Weltman, 2023). These issues might range from minor annoyances to potential penalties or legal consequences. If consumers are dissatisfied with the quality of the tax preparation service, you may be required to deal with them. Minimizing Probability or Impact Keeping up with the most current tax laws and regulations is critical for lowering the possibility of submitting tax returns erroneously. Error risk may be reduced by consistently polishing tax preparation abilities via professional development and continuing education programs. Creating appropriate methods for capturing and maintaining client information may also help to lessen the probability of missing deadlines or encountering technological challenges (Huang et al., 2022). Keeping lines of communication open with clients and promptly addressing their concerns can assist to reduce any potential dissatisfaction. Cues for Action Unfamiliarity with a certain tax law or regulation, difficulty utilizing tax software, or receiving complaints or negative feedback from consumers are all signs that it is time to act. To take proactive steps, it is necessary to actively seek for any signs of potential problems or possibilities for improvement. Likely Outcomes and Reactions The most common reaction to inaccuracies on tax returns is a notice from the taxation authorities requesting corrections or further information. This may have several consequences,

3 ranging from minor changes to major penalties or audits in more extreme cases. Customers who are dissatisfied with the quality of the tax preparation service may choose to utilize other providers in the future or provide negative evaluations, which may undermine the tax preparer's reputation. It is vital to anticipate these potential outcomes and react appropriately by taking prompt, professional action to correct errors or consumer complaints. .

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4 References Huang, L., Tiezzi, S., & Xiao, E. (2022). Tax liability side equivalence and time delayed externalities. European Journal of Political Economy , 72 , 102110. https://www.sciencedirect.com/science/article/pii/S0176268021000963 Weltman, B. (2023). JK Lasser's Small Business Taxes 2024: Your Complete Guide to a Better Bottom Line . John Wiley & Sons. https://books.google.com/books? hl=en&lr=&id=JVLcEAAAQBAJ&oi=fnd&pg=PR5&dq=taxes+on+side+to+make+mon ey+Making+errors+on+tax+forms&ots=b5LwXOgDy0&sig=dQVP984nCW_U8me1Hh o-VbyG6P8

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