A recent article in the Albany Times Union noted the high number of restaurants that shut down
every year for nonpayment of sales or withholding taxes. Based on an analysis of media coverage, restaurants seem to be seized more often than other types of businesses. This may be, in part, a result of the unique challenges of operating a restaurant. Many restaurateurs fall behind on their taxes due to the constant cash flow issues and low profit margins characteristic of the industry. However, if they fail to address their tax issues promptly, restaurant owners risk losing their businesses. [Read more…]
By: Jeffrey Naness
Employers of all sizes should start preparing for New York’s Paid Family Leave Benefits Law (the “NYPFL Law”).
The NYPFL has two components, (1) a provision entitling employees to (partial) wage substitutes while they are out on a covered leave and (2) a requirement that employers permit employees to take leave for reasons covered by the NYPFL. [Read more…]
The IRS and New York State have been progressively expanding their arsenal of tools to collect back taxes from delinquent taxpayers. At the recent BOOM B2B Expo and Executive Speaker Conference, we spoke to business owners about some of the most powerful enforcement techniques used by the federal and state government. [Read more…]
Modern technology has made information sharing agreements by tax agencies easy and cost effective. Both federal and state governments can seek data from other agencies and no longer have to rely solely on their own resources to uncover information about individuals and businesses. For example, when a taxpayer is audited by the IRS, the IRS electronically provides information about any adjustment to the states so they can take action against taxpayers if appropriate. [Read more…]