A Voluntary Disclosure Agreement (VDA) allows you to tell Texas Comptroller where you were neglected and receive more favourable treatment than you would without the VDA. Typically, this means that the compleur has only four years to determine your tax or tax reporting obligations. Texas Comptroller passed the Texas Sales Tax Amnesty program on the basis of The Senate`s No. 1 Law, passed in 2017. In accordance with Section 17.11 of the Act, the program is «designed to encourage voluntary reporting by offenders who do not have authorization or who are not registered for a tax or levy managed by the accountant, or for approved tax payers who may have been declared or liable for taxes or additional fees.» 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. Fortunately, the Texas Comptroller of Public Accounts offers a proactive procedure that allows you to meet your government tax obligations. This procedure is called the Voluntary Information Agreement (VDA). 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.

Identifying the company as part of the first contact, although purely voluntary, streamlines the process. You can also email the request to UP. VDA.requests@cpa.texas.gov. 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. However, they can all be dealt with by voluntary disclosure to leave you dispelled by fears of harsh penalties or possible criminal detection. Participating in a Voluntary Disclosure Agreement (VDA) may be something you should consider if you have not registered to bring it together in a state where you should have it.

But is a VDA for you? In talking to our clients, we know there are a lot of questions about VDAs. To answer some of the questions and help you decide if a VDA is right for you, keep reading to see four common misunderstandings about VDAs. [1] Tax Amnesty, Texas Comptroller of Public Accounts (21 April 2018), comptroller.texas.gov/tax-amnesty/. Once the reports are processed, the subject receives the signed agreement and a statement of account. 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. 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.