States participating in this particular initiative have agreed not to disclose to other tax jurisdictions the identity of a subject who enters into a voluntary disclosure agreement under this initiative, unless required by law, under a court order or in response to an intergovernmental information agreement in which the applicant entity indicates the name and identification number of the subject. Lump sum claims from other jurisdictions based on the identity of these taxpayers are not taken into account. 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. A voluntary disclosure agreement is a legal agreement between a state tax authority and a company that acknowledges that it has not complied with its compliance obligations with respect to sales and usage taxes. The voluntary disclosure agreement will allow the company to make all necessary registrations within the state and fulfill all remaining tax commitments. At the end of the voluntary disclosure agreement program, the company has regular monthly, quarterly or annual reporting obligations with the government based on the volume of government activity. Companies considering a voluntary disclosure program have options. You can complete and submit your own application or work with a professional who can help you navigate the process and prepare a VDA. Most applications are 2 to 3 pages long and require an explanation of the applicant`s type of activity, state activity and reasons for the application.

Yes, as long as the signed contract is entered into by the tax agent within 60 days of the original shipping date or agreed extension date. Yes, disclosure returns and claims for several types of taxes may be included in a letter of application, but a separate VDA is required for each type of tax. Each tax type application is considered separately on its own facts. A voluntary disclosure agreement gives you control of your Nexus VAT solutions. To use MTC`s Voluntary Disclosure Initiative, contact Alan Goldenberg, Senior Director of State and Local Taxation and Taxes, at agoldenberg@friedmanllp.com or 212-897-6421. To be eligible for a voluntary disclosure agreement, you or your company: A VDA is a mandatory agreement between a subject and a state that is supposed to promote compliance with state tax laws. 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.

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Last Modified: dezembro 17, 2020