Let`s start by ending the potential audit liability of an unlicensed company that, over the past seven years, should have collected and transferred $10,000 in VAT per year. If the Texas Comptroller`s review liability is retained by Texas Comptroller, it could amount to $119,000 ($70,000 in VAT, $7,000 in regular penalties, $35,000 in fraud and about $7,000 in interest). In voluntary disclosure agreements, most states will allow a company to estimate its past commitments, which will simplify the process. With a few exceptions, Excel calendars for calculating tax liabilities are accepted instead of filing all previous VAT returns. States are prepared to make these concessions to facilitate the process, as the main objective of states is to promote voluntary compliance with future and ongoing tax collection and reporting obligations. In short, the state is prepared to forego some formal revenues and even some to curb new taxpayers. As with all sales and usage tax investigations and consultations, the determination of the tax liability must take into account the specifics of each particular case. You will find other tips from a TVA advisor of the Agile Consulting Group in our pages that include U.S. sales and tax exemptions. If you have any specific questions, comments or circumstances you have about this or any other revenue and user tax issue, please contact an Agile Consulting Group VAT advisor at (888) 350-4TAX (4829) or email email@example.com. 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. Send the written request by email to VDA@cpa.texas.gov; or send an email to: However, to be eligible for a VDA, you must make the disclosure before being reviewed or reviewed. 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. 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.