Texas Voluntary Disclosure Agreement

However, to be eligible for a VDA, you must make the disclosure before you are subject to a review or review. Send the written request by email to VDA@cpa.texas.gov; Or by mail: Taxpayers who wish to receive an VDA can have an anonymous application filed with the state to begin the process. Once the agreement is approved, taxpayers will be required to submit the corresponding reports and pay taxes that have been voluntarily declared, without paying penalties and interest. Participation in a voluntary disclosure program does not exempt you from any previous tax obligations. However, it will likely reduce your overall tax debt. The Voluntary Information Agreement is a useful tool for managing unpaid tax obligations. 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. Voluntary disclosures, by their very nature, provide support from an advisor. If a company wishes to remain anonymous, it must use a third party to help.

Since each state has different lookback periods, different rules for coverage and sometimes specific nuances when completing the paperwork, it`s also helpful to have someone on your side who has some experience in the process. How about more than 20 years of experience? Even better! Our consultants have dealt with VDAs in states across the country and we know the ins and outs of different shades. Plan a conversation with us today to see if we can help you with your general tax analysis of the state and if VDAs might be the best way to address unreported commitments! The Comptroller`s office reserves the right to refuse the waiver of the penalty and/or interest or to cancel the contract in its entirety if the entity does not comply with the program`s guidelines and procedures. In addition, the reference periods contained in the VDA remain open for future reviews within the statute of limitations. The company must properly declare and pay the tax from the end date of the agreement. 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. This letter may be anonymous or contain the name of the company in advance. If the company`s name is not given in advance as soon as the interim agreement has been signed and a Nexus questionnaire has been completed, if the state believes that the company is eligible for the VDA, the company has 60 days to prepare and transmit return data with payment to the state.

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