Regulatory compliance ensures businesses adhere to laws and financial reporting standards, promoting transparency and accountability.
Taxation is used by governments to generate revenue for public services such as infrastructure, education, and healthcare.
The Internal Revenue Service (IRS) is responsible for enforcing tax laws, collecting taxes, and overseeing tax compliance.
Maintaining accurate tax records ensures businesses comply with tax regulations, avoid penalties, and facilitate audits if needed.
Payroll taxes, such as Social Security and Medicare, are deducted from employee wages to fund government programs.
Financial audits provide independent verification of a company’s financial statements, ensuring accuracy and compliance with regulations.
