State Nexus Reviews Determine Compliance
Are you worried about whether your business has some unresolved Nexus issues?
Nexus is known as, “the level of contact that must exist between a taxpayer and a state before the state has the authority under the U.S. Constitution to assess a tax”. Now some states have shifted to a nexus standard based on “economic presence” within their borders. It is important to make sure your company is in compliance with state income tax and sales/use tax laws and regulations. Many states are increasing the number and scope of audits, thereby allowing states to collect more revenue without enacting new taxes or increasing tax rates. These state audits pop up unexpectedly and taxpayers are shocked to learn they not in compliance and sometimes face substantial tax and penalties as a result.
State Nexus Reviews
Our firm can perform an in depth state Nexus review to:
- Determine compliance with all the states and jurisdictions that your business has activity
- Identify Nexus triggers that could help your company avoid having to register and pay taxes in states other than your home state
Many states provide opportunities to minimize tax problems, including amnesty programs, voluntary disclosure agreements, and managed compliance agreements. Contact us to find out more information regarding a state Nexus review for your company.