Does nexus have your head spinning? If so, here are some of the numbers you need to remember.
3 Types of Nexus: There is income tax nexus, sales tax nexus and ‘not income tax’ nexus. Of these, it’s hardest to become subject to income tax nexus. The other two can trap you quickly.
10,000 Taxing Districts: When it comes to sales tax, there are almost 10,000 separate taxing districts. That means there could be 10,000 different definitions of sales tax nexus, sales tax rates and lists of what is and what is not subject to sales tax.
2 Ways to Come Clean & Reduce Penalties: If you have a past due state tax nexus issue (whether income, sales or ‘not income tax’) there are two ways to come clean:
- Wait for an amnesty period.
- Do a Voluntary Disclosure Agreement (VDA)
95% of Businesses are NOT in Compliance with Nexus.
oin us for our launch of USTaxAid Interactive Radio! We’re starting with “Nexus Strategies to Pay Less Tax” Join us by going to http://www.USTaxAid.com/radio on Thursday, December 2, 2010 at 4 pm Pacific, 5 pm Mountain, 6 pm Central and 7 pm Eastern. You’ll be able to follow along and post questions in our live chat room.