As the restaurant industry continues to struggle with the impact of COVID-19, tax bills are presenting yet another problem. Shut-downs, continuing restrictions on capacity, and added costs to protect workers and patrons have left restaurants and owners with little cash to pay income and sales taxes. Fortunately, there are payment options that can help
Have you failed to file a tax return or underpaid your taxes to New York State? New York’s Voluntary Disclosure Program can help you. The Program is designed to entice taxpayers back into the system by allowing non-filers and under-filers to come forward and avoid criminal prosecution and steep late filing and late payment penalties.
As the New York State Department of Taxation and Finance (NYSDTF) ramps up collection efforts against delinquent taxpayers, tax professionals must be prepared to advise their clients about what to do. Several collection tactics were highlighted in Tenenbaum Law’s presentation on New York State Tax Collections at the NYSSCPA, Nassau Chapter, Annual All-Day Tax Conference. Here
Are restaurants shut down for unpaid taxes more often than other businesses? A recent article in the Albany Times Union looked at the high number of restaurant closings every year for nonpayment of sales or withholding taxes. Why are restaurants seized so often? Constant cash flow issues and low-profit margins characteristic of the industry
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