Understanding tax law is vital for any business owner, especially when it comes to the concept of “responsible person” liability for NYS taxes. Ordinarily, a business pays its own taxes. However, in some cases, if a business fails to pay its withholding, sales, or use tax, certain responsible persons may be held personally liable

If you default on a payment plan with the IRS, the consequences can be serious. The IRS offers payment plans (known as installment agreements) to individuals who cannot pay their entire tax bill at once. An installment agreement (IA) allows monthly payments over a specific period of time. If you fail to pay as

A New York State Offer in Compromise (OIC) is a program that allows taxpayers to pay less than what they owe in back taxes to the State. It is designed to help taxpayers who cannot afford to pay their tax debt and are unlikely to be able to pay in the future, enabling them

New York State tax warrants expire after 20 years. Importantly, the statute of limitations period starts to run on the first day a tax warrant could have been filed by the Tax Department, not when the warrant was actually filed. Tax warrants are the first step in seizing your property and affect your credit

Generally, you must file a tax return and pay New York State income tax if you're a New York State resident and are required to file a federal return. However, you may also have to file a New York State return and pay if you're a nonresident or part-year resident of New York and

Generally, nonresidents with income from New York sources must file a tax return in New York. However, you must be careful about claiming to be a nonresident if you maintain a second home in New York. Residency rules are confusing and even if you spend most of the year living outside the state, you

Taxpayers can get a New York State tax transcript or copy of past tax returns by mail or online in some cases. While the process is relatively simple, it is important to follow instructions carefully to avoid delays in receiving the information. Note that if you are requesting past returns because you have a

Sales tax in New York applies to retail sales of certain tangible personal property and services. Generally, sales of tangible personal property are subject to sales tax unless they are specifically exempt under the law. In contrast, sales of services are generally exempt from sales tax unless the law specifically states they are taxable.

If you own a restaurant or auto-body shop or related business, beware the New York State Department of Taxation and Finance. That’s because businesses like yours are often audited, which in turn may lead to a tax warrant if you fail to respond. For example, every month, the State updates its list of the

Generally, individuals must keep records for New York State income tax until the statute of limitations period for that tax return runs out. Typically, that means retaining documentation for at least three years after filing a return, but seven years is usually recommended. However, certain records should be kept for a longer period of

A tax warrant in New York is the equivalent of a legal judgment against a taxpayer who owes taxes to the State. In order for New York State to have the legal authority to pursue most collection actions against the taxpayer, it must first file a tax warrant. Once filed, the warrant serves as