Are you a business owner in Denver looking to disclose information regarding your tax liabilities? If so, you may want to consider a voluntary disclosure agreement (VDA).
A VDA is a program that allows businesses to come forward and disclose any potential tax liabilities they may have. This can be a proactive approach to resolving any issues before they become more serious and costly.
In Denver, the VDA program is administered by the Department of Finance. The program offers several benefits to businesses, including the waiver of penalties and interest on any unpaid taxes.
To qualify for the VDA program, businesses must meet certain criteria, including:
– They must not currently be under audit or investigation by the Department of Finance
– They must not have previously participated in the VDA program
– They must have a reasonable belief that they have tax liabilities in Denver
Once a business is accepted into the VDA program, they will work with a representative from the Department of Finance to determine the amount of tax owed and develop a payment plan. The VDA program typically requires the business to pay the full amount of taxes owed within a certain timeframe.
Participating in the VDA program can be a proactive way for businesses to resolve any potential tax liabilities and avoid costly penalties and interest. If you`re unsure whether the VDA program is right for your business, it`s always best to consult with a tax professional.
In conclusion, if you`re a Denver business owner with potential tax liabilities, the VDA program may be a beneficial option for you to consider. By taking a proactive approach, you can avoid costly penalties and interest and resolve any issues before they become more serious.