What is the main responsibility of employers regarding their taxes?

The primary responsibility of employers concerning their taxes revolves around the necessity to keep accurate records. This entails maintaining thorough documentation of all financial transactions, which includes income, expenses, payroll, and other tax-related information. Accurate record-keeping ensures that employers can precisely report their earnings and deductions when filing tax returns. It also provides a solid foundation for any potential audits by tax authorities, making it easier to verify compliance with tax laws.

While hiring a tax consultant can certainly be beneficial, it is not a primary responsibility; rather, it is an option available to employers seeking assistance with tax matters. Overestimating income is not a responsible practice and could lead to potential legal issues. Similarly, reducing tax liability through improper means could result in penalties, making these options not valid options for fulfilling the main responsibility of employers regarding taxes. Therefore, maintaining accurate records is fundamental to ensuring correct tax reporting and compliance.