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…]
If you missed the April 18th deadline for filing your New York State tax return, you could face serious penalties. Even if your case is not as egregious as the latest politician to be arrested for tax evasion, nonfilers are subject to monetary penalties and possible criminal charges. However, New York offers a way to become compliant by applying to the NYS Department of Taxation and Finance’s Voluntary Disclosure and Compliance Program. [Read more…]
A recent Long Island Business News article focused on New York State’s aggressive enforcement of its driver license suspension program. The program allows the state to suspend a New York State driver’s license if the driver owes $10,000 or more in tax, penalty, and interest and there is no collection resolution in place.
A first round of 16,000 suspension notices went out in August 2013 with many more since then, forcing people to come forward and try to resolve their issues or risk losing their license. The program has been so successful that the state has recovered more than $420 million in taxes to date. [Read more…]
Join us on August 18th, at LIU Post’s Civil & Criminal Tax Controversy Updates – 2016. The LIU program is an annual event for private and government tax professionals to discuss current events and best practices in federal and New York State cases involving criminal and civil tax penalties and enforcement.