NYC Sales Tax Audit Representation
Many New York City businesses collect state and city sales and use taxes on several different types of goods and services. They report those amounts to the state and city on quarterly or monthly sales tax returns. New York State frequently audits businesses that accept larger amounts of cash for payment, especially if it is a business that is less than 2 or 3 years old. A sales and use tax audit evaluates your business’s compliance with local laws. It also examines whether or not your business has purchased something in another state that should be subject to the “use” tax portion of the rules.
If your business is selected for a sales tax audit, the tax accountants at 212 Tax can help. Our team will analyze your existing returns and documentation, and provide you with the representation you deserve.
Get Sales Tax Audit Help From 212 Tax
Sales and use tax laws apply to goods and services your business sells in addition to goods and services you purchase. When you purchase a good or service from out of state and do not pay sales tax, you become responsible for paying New York use tax if you use your purchase in New York State. Businesses such as bars and restaurants that may do a great deal of business in – but purchase necessary equipment and supplies from out of state – are often subject to sales tax audits.
If you have received notification that New York State intends to launch a sales tax audit, it is time to secure professional representation. Do not wait to address the issues until after being served with a large tax bill (otherwise referred to as an assessment). The longer you wait, the more penalties and interest you may owe. Ignoring an audit notice can lead to frozen or seized assets, making running a business nearly impossible. Failing to hire an experienced tax professional to defend your case may also mean you will pay more than you actually owe.
Sales tax audits are serious business, but with experienced representation, you can often achieve a more favorable outcome. At 212 Tax, our tax accountants know New York State sales tax audit procedures, and we will provide you with experienced and proactive representation. Our tax accountants can help you survive a sales tax audit, so that you can preserve your assets for future growth.
The state sales tax audit accountants at 212 Tax can:
- Review your existing returns and negotiate a more favorable outcome
- Prepare and file new quarterly state returns that assure sales and use tax law compliance
- Negotiate reduced or eliminated penalties and interest charges
- Help your business lift restrictions on frozen bank accounts
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Although it is possible to represent yourself during the audit process, doing so may be unwise. As a taxpayer, you have rights. Many individuals who choose to represent themselves wind up revealing too much information. The tax accountants at 212 Tax are ready to prepare your defense and negotiate a more favorable outcome for your business.
Click here for more information about 212 Tax and our accounting services, or call us to schedule an immediate consultation.