Do You Need a Nexus Negotiator?


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11-18-2010-1

There are almost 10,000 possible taxing agencies looking to try to pull you into their state for:

  • Sales tax nexus,
  • Income tax nexus, and/or
  • “Not income tax” nexus.

Let’s say you discover that you should have been collecting and paying sales tax for another state. And, you probably should have been doing it for the last 3 years. Now what?

There are generally two different ways to come clean with the least amount of tax, penalties and interest.

Solution #1: Wait for an amnesty period.

Some states still have amnesty periods where you can voluntarily register. There is generally forgiveness of penalties and interest and possibly even some of the past due tax. There are strict rules, however, and you must follow them or face the consequences.

Solution #2: Voluntary Disclosure Agreement (VDA)

You’ll be hearing a lot more about VDAs in the future, along with Nexus Negotiators. These are the professionals who appear before the state and negotiate a deal. There is one reason, and one reason only, why the state will deal with you.

They don’t know who you are.

If they knew who you were, there would be no benefit to a deal for them. So it is imperative that you do not register, do not call them and do not complete any nexus questionnaires. Contact a Nexus Negotiator first to get the ball rolling.

The states have a lot of resources these days. And there are laws in some of those states that let them go right after the personal assets of officers, owners, even accounting personnel. Don’t get caught! And don’t assume you’re invisible. Negotiate first when there is still a possibility of a good deal.

Don’t miss our FREE teleseminar Saturday, November 20, 2010. Sign up at DianesSeminars.com



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