A new book explains how companies can avoid "deadly tax mistakes" that could cripple their business.
"Managing 7 Habitual Tax Mistakes: A Tax Risk Management Handbook," by author Daniel Erasmus and published by LexisNexis, examines the role that risk management can play in corporate tax planning. The book discusses tax risk management strategies that companies can pursue and pitfalls they can avoid.
Erasmus has aimed the book at a wide audience, including CEOs, CFOs, board directors, corporate operations managers and tax advisors. Among the mistakes he describes is senior management being sometimes lulled into a false sense of security because they have an internal tax department dealing with compliance issues while remaining unaware of the possible tax risks they face.
"In some respects, many corporate taxpayers are their own worst enemies because they tend to be reactive to tax problems and tax risks," he said. "This inevitably results in additional and unforeseen taxes, sometimes totaling millions of dollars."
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