Our expert team specializes in helping businesses comply with their state and local sales tax obligations. Sales tax is a tax that is typically imposed on the sale of goods and certain services by state and local governments. Businesses are required to collect sales tax from customers and remit it to the appropriate tax authority on a regular basis, usually monthly or quarterly.
We assist our clients with a range of tasks related to sales tax compliance, including:
We also assist our clients with voluntary disclosure compliances. In the US, businesses that have not properly reported or paid sales tax in the past can voluntarily disclose this information to the appropriate state or local tax authority. This process is known as a voluntary disclosure agreement (VDA).
A VDA typically involves the business contacting the state or local tax authority and disclosing any unreported or underreported sales tax liabilities. In exchange for this voluntary disclosure, the tax authority may agree to waive penalties and interest that would otherwise be assessed against the business for failing to report or pay the sales tax.
To qualify for a VDA, the business must meet certain eligibility requirements, such as:
Voluntary disclosure agreements can be a valuable tool for businesses that have fallen behind on their sales tax obligations. They can help the business come into compliance with the law and avoid potentially high penalties and interest. However, it's important to work with an experienced professional when considering a voluntary disclosure agreement to ensure that the process is handled properly, and all relevant issues are addressed.
Managing a restaurant can be hard enough without the added burden of budgeting, bookkeeping and cashflow management. Luckily, Enlaiven's experienced accounting team offer personalized financial solutions for restaurants and food vendors across the country. Reach out to us for assistance now.
