Are You Sitting in a Tax Graveyard?
If you decided to switch to SalesTaxDataLINK’s software this year, you have a decision to make. Should you leave the dead past (that is, previous years’ filings) alone, or should you validate your former filings with the new software? If you have skeletons in your closet, is it better to ignore them or to take steps?
Look at some examples:
- An Indiana diner was shut down for failure to pay taxes after less than five years in business.
- A Louisiana business owner is going to prison for underreporting taxes over a period of years.
- A dozen vendors at a motorcycle rally were arrested for failing to record taxable sales correctly.
- A Florida man faces 30 years in prison for failing to remit taxes properly 5 years ago.
Certainly, people who are arrested or imprisoned for sales tax fraud have probably crossed a serious line. Chances are good that they have not simply made a small error.
But a small error is where it can begin. Deciding not to correct the small error and allowing it to grow can be the next false step. The best plan is to validate past filings and identify the skeletons in your company closet. Then you’ll have the information you need to make an informed decision about the next step.
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