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Texas Voluntary Disclosure Agreement Sales Tax

National law allows the comprator to enter into contracts with individuals or businesses in order to conduct compliance checks on the state`s revenue tax and other taxes deemed necessary for the State of Texas. Learn more about how the contract audit program works, including qualifications and remuneration. Each state has slightly different requirements as to how a voluntary information agreement request can be made. For more information, see the analysis of differences in the policies and processes of the voluntary disclosure agreement in the United States, developed by one of Agile Consulting Group`s VAT advisors. Voluntary disclosure agreements have several important advantages. Depending on the state, voluntary advertising agreements will reduce or eliminate penalties and, in some cases, interest due to uncouped or undated revenue taxes. Don`t underestimate the savings these reductions or eliminations of penalties and interest can generate! This is particularly true in relation to the increased penalties and interest that can be assessed when a state identifies compliance with the company before a company presents as part of a VDA. Most countries offer VAT VDAs, although not all have written guidelines for them, and VDA programmes can vary considerably from state to state. If, for example, a VDA limits the repayment period to three or four years in many countries, the maximum repayment period for Iowa VDA is generally five years; The post-VDA period in California is three years; Nevada has an eight-year term; and the VDA look return period from Hawaii is 10 years. A VDA is a mandatory agreement between a subject and a state that is supposed to promote compliance with state tax law. In general, VDAs reduce or waive penalties, limit waiting times (a state`s holding period may make a tax payer liable) and provide some protection for tax payers who proactively post previous tax obligations, pay what they owe, and comply with government tax laws that advance. We help you follow your best option as a payment agreement. Now, let`s break down the potential liability if the Texas tax group managed the VDA process on behalf of the company before conducting an audit.

The total liability of the VDA would be $40,000 (10ts and revenue taxes per year, no interest, no penalty and a period of 4 years). As a result, total potential liability will be reduced from US$119,000 (retrospective to 7 years plus penalty and interest) to $40,000 (four years of retrospective and no fine and interest) if the VDA has been accepted. The resulting savings would be approximately $79,000. They are not included in a voluntary disclosure program without having to make an effort. However, the more external resources you rely on, the less you have to do yourself. VDAs reward voluntary compliance. If you wait for a state to “catch” you to move forward, you don`t really come voluntarily, so the same benefits don`t apply. [1] Tax Amnesty, Texas Comptroller of Public Accounts (21 April 2018), comptroller.texas.gov/tax-amnesty/.

You can also email the request to UP. VDA.requests@cpa.texas.gov. Send the written request by email to VDA@cpa.texas.gov; or by mail: the voluntary disclosure agreement is a useful tool for managing tax arrears. While this is true in many situations, it is not the only option. Peisner Johnson is happy to discuss all the state tax issues you have and find the tools that work for your situation. If you are concerned that your business in one or more states may not comply with VAT, this may be the time to talk to a trusted tax advisor about where you think you have a link and if an VDA is recommended. The assistance of a VAT advisor is not necessary to submit a voluntary disclosure agreement or a VDA application; However, there are advantages in selecting a VAT advisor who will help you complete the process. For example