Businesses selling products or services in multiple states can face unexpected tax liabilities if you fail to comply with income, franchise, gross receipts, sales and use, property, or other taxes—especially as economic nexus laws expand.
Submitting a voluntary disclosure agreement (VDA)—an agreement between your business and its jurisdictions to limit lookback periods and generally waive penalties during tax reviews—can be one of the most effective ways to voluntarily meet compliance obligations.
Entering into a VDA and confidently addressing key tax specifics related to your business, can be a complex process, however, that requires an in-depth knowledge of various tax laws.