5 Myths About Voluntary Disclosure Agreements
TaxConnex
DECEMBER 8, 2020
Voluntary disclosure agreements (VDAs) can be an effective way to mitigate prior period sales tax exposure. They can also come with a lot of misconceptions. If you don’t disclose back taxes and they’re unearthed through an audit, you could end up being assessed various penalties plus interest plus all tax due. And in extreme cases, the penalty could be in excess of 50% of the tax amount – potentially a criminal offense.
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