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Nexus Opportunities

Defensively, your tax team wants to avoid pitfalls associated with nexus. On the other hand, understanding nexus can open the door for opportunities such as Voluntary Disclosure Agreements or amnesty.


Transcript

I have determined that I have nexus in additional states, now what do I do?

Gary Bingel:

The first thing I would do is go through and try and quantify your exposure so whether it's income tax or sales tax you want to go through and get some level at a very high level idea of how much is at stake, is it five thousand or five hundred thousand. So I would go through, do that determination, that also helps if you've got several states it will help you key in on which ones you need to focus on. It may be very time-consuming and costly to pursue remedial measures in ten or fifteen states but maybe if most of that liability or exposure is only in two or three states you want to address those first for several reasons.


Gary Bingel's expertise focuses on state and local income taxation, and sales and use tax consulting. He has significant experience serving clients in the manufacturing, retail, pharmaceutical, biotechnology, technology and service industries.

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