In the United States for Sales and Use Tax there is a type of voluntary disclosure which can benefit the taxpayer. This is called a voluntary disclosure agreement (VDA). This is a program where taxpayers can receive certain benefits from proactively disclosing prior period tax liabilities in accordance with a legal contract. Many states offer Voluntary Disclosure Agreements to encourage companies to comply with a state’s tax laws, which in turn can generate revenue for the state which may not have had if the company did not come forward and disclose its liabilities. Additionally, the state can generate future revenue by having a company register in their state to collect and remit certain taxes.
Knowing these rules for each state is what makes STS Consultants a perfect fit for your company to help you with the voluntary disclosure. Which, in turn can save your company revenue that otherwise would be lost.