What are the potential consequences of non-compliance with regulations as stated in the Green Book?

The potential consequences of non-compliance with regulations, as outlined in the Green Book, primarily include penalties and interest on unpaid debts. When an individual or organization fails to comply with tax laws and regulations, they may find themselves subjected to financial penalties, which can be substantial depending on the severity of the non-compliance. Additionally, interest may accrue on any unpaid amounts, further increasing the financial burden. This is designed to encourage compliance and ensure that taxpayers fulfill their obligations.

Other options may relate to non-compliance but do not quintessentially capture the direct financial ramifications associated with it. While loss of tax benefits might occur in some scenarios, it is typically contingent upon specific circumstances and not as universal as penalties and interest. Similarly, increased audit frequency might happen to those with a history of non-compliance, but it is more of an indirect consequence rather than a primary one. Mandatory tax seminars could be imposed as part of remedial measures in specific cases, but they are not a direct financial consequence of non-compliance like penalties and interest are.