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Voluntary Disclosure Agreements These agreements can cover income, property, sales, and other types of taxes. In exchange for self-reporting, a state will generally grant companies a waiver of any penalties they may have incurred and restrict the look-back period to approximately three to four years.
In the United States, a voluntary disclosure agreement (VDA), is a program whereby taxpayers can receive certain benefits from proactively disclosing prior period tax liabilities in ance with a binding agreement.
A VDA may be helpful in the following situations: You should have been collecting sales tax, but weren't. You collected the sales tax, but failed to remit it. You could save a substantial amount of money on waived penalties and interest by engaging in a voluntary disclosure agreement program.
The look-back period will usually be for a minimum of three years for all tax types. For sales and use tax or withholding tax, the look-back period is usually thirty-six months but will be extended as far back as necessary to recover taxes that a taxpayer collected yet did not remit.
The Voluntary Disclosure Agreement (VDA) program provides incentives to businesses or individuals who have unfiled or underreported tax liabilities and who have not been contacted by the Department for examination of such potential liabilities.
Georgia offers a tax exclusion on up to $35,000 of retirement income earned by people 62 to 64, or up to $65,000 earned by those 65 and older. (If you're married, you and your spouse both may qualify, but each must qualify separately.