Bulk Sale

Buying a New York Business? Inquire about Sales Tax Liability

Peter E. Alizio Sales Tax

When buying a business, the potential buyer will usually perform due diligence to verify information provided by seller and to search for any unknown issues and problems. One potential issue may be tax problems specifically an outstanding sales tax liability. If the business being sold owes past due sales tax the amount of this tax liability must be withheld and …

Sales Tax Law Update

Update to NY Sales Tax Law Affecting Responsible Person Assessments Against Certain LLC Members

Peter E. Alizio Sales Tax

Part X of the NYS executive budget is the piece of the legislation that more or less codified NYSDTF administrative policy published in TSB-M-11(17)S.  The NYS Department of Taxation and Finance website now reads: TSB-M-11(17)S is obsolete and new guidance will be issued shortly. I read the provision which sets the stage for a more formal application process in which eligible individuals …

Are you personally liable for sales taxes collected by your company?

Are you a Responsible Person?

Peter E. Alizio Sales Tax

NYS – RESPONSIBLE PERSON ASSESSMENTS Not all business owners understand that sales tax money is NOT revenue when collected and a deduction when remitted to tax authorities.  In fact, any sales tax money collected does not belong to the businesses or owner at all.  When you register to collect sales tax (by applying for a certificate of authority) you become …

NYS Sales Tax Restaurants

Read this before investing in a NY Restaurant

Peter E. Alizio Sales Tax

Update: The NYSDTF administrative policy of granting responsible person relief to certain minority members of LLCs has been codified into law by the New York State 2018-2019 budget signed 4/12/18. Read this before investing in a New York Restaurant All restaurants in New York will have the responsibility to collect and remit state sales tax. Regardless of the type of entity …