Business IRS Penalties in NYC
Business owners in New York City, New York must be aware of the ramifications in failing to comply with state and local tax laws or filing requirements. These mistakes, whether intentional or unintentional, can be costly for your business. There are a number of penalties the government can use against your business, and with them a wide variety of enforcement techniques to collect them. We have a proven track record of tax resolution that allows your firm to minimize or even escape from business IRS penalties in NYC.
Corporate Officers Penalty
Owners and officers of New York corporations, as well as members of a partnership or limited liability company may be personally assessed up to 150 percent of assessed but uncollected state taxes. This problem arises when you fail to collect withholding taxes, or when you withhold the tax and don’t pay the state in a timely manner. This assessment applies to all owners, officers, and members regardless of your day-to-day involvement with business activities or payroll obligations.
Failure to Pay Sales Tax Penalty
Failure to pay state sales tax can result in penalties ranging from 10 to 100 percent depending upon whether or not fraud is indicated during the assessment. These penalties apply solely to state sales tax, while counties and cities vary in the handling of their own assessments. If you have any questions concerning potential county or city sales tax penalties, call us and we will assist you in finding the right answer.