- Identified your nexus footprint & discovered any potential problems,
Made a decision to hire a professional and/or get more information about nexus, or
Decided to ignore the problem entirely.
Well … hopefully, it’s not the 3rd decision (ignore the problem entirely).
States are broke and YOU are their economic stimulus plan. You can count on more aggressive state audits and the infamous nexus questionnaires. By the way, if you get one of those questionnaires, make sure you talk to your advisor first, before you fill it out. We’ve got some samples of what you can expect in the Nexus Handbook.
Coming Clean on Nexus Problems
If you find that you’ve missed paying some taxes to another state, see a professional who is used to deal with this kind of issue. The last thing you want to do is blindly jump in and suddenly find yourself facing a fraud issue.
If you should have been collecting sales tax, and have not been, your tax advisor will recommend you check out when the state is having an amnesty period. (By the way, if your advisor does not advise that – RUN! Find an advisor who knows this basic tactic.)
Get registered and/or authorized to do business in the state and begin reporting the way you should.
Strategic Tax Planning Was Never More Important
Yet there still are HUGE tax breaks available if you’re ready to plan ahead with your business income. In fact, it’s never been easier to pay next to nothing when you sell a company. Plus you can pocket cash flow month after month for little in taxes.
But ONLY if you plan right.
Give us a call at 866.829.2368, ext 1 to talk to Richard or ext 2 to talk to Thomas. We’d love to work with you.