You recently returned a seemingly innocuous nexus questionnaire and now the State has issued an assessment for tax, penalties and interest going back 10 years. Before this happens to you, know that many states offer Voluntary Disclosure Programs (“VDPs”) that allow businesses that voluntarily register (prior to being contacted) to limit the reporting period for delinquent returns, waive all or most interest, and waive or partially waive interest.
Downey, Smith & Fier can assist companies to determine states with exposure for non-filing and coordinate a VDP to minimize exposure. We have developed strong relationships with VDP coordinators in many states to maximize the benefits of these programs for our clients. DSF would be happy to discuss nexus issues and VDP opportunities to determine your best registration options.