Voluntary Disclosure Agreements
Limit Your Liability With A VDA
You tried to do the right thing. You thought you paid all the taxes that you owed. But, somehow, something slipped by and you now owe back taxes. You know that penalties and interest can be high and you're worried about what will happen if the department of taxation comes knocking.
You may be tempted to ignore the problem and hope that the authorities do, too. But, the longer you wait, the more likely it is that you'll get caught. And when it does, the penalties and interest will be even higher.
There's no way around it: if your business owes back taxes, you will have to pay up sooner or later. But, did you know that you can limit your liability through a voluntary disclosure agreement (VDA)?
What Is A Voluntary Disclosure Agreement?
A VDA lets you admit to, and pay, the back taxes that you owe. And while rules vary by state, a VDA can often significantly limit the look-back, penalties and interest you're required to pay.
If you owe back taxes to a state or local taxing authority, Rea's team of state & local tax professionals can help you accurately determine what you owe and anonymously negotiate on your behalf. We'll work to reach an agreement at the least cost to you.
Take advantage of this VDA to help mitigate your risk, limit your liability and get back in the good graces of the taxing authority.
Contact our Business Tax Professionals
Rea's state and local tax services team brings together a group of experienced financial professionals who understand the unique tax needs of businesses. Contact us today to learn more.