Coronavirus Cancels Christmas 1000 + NYC Restaurants Permanently Closed. Sales and Use Taxes

 

More than 1000 New York City restaurants have permanently closed during the State’s mandatory lockdown. But even in the best of times, running a successful restaurant in New York City is extremely difficult. 

 

Why? 

 

1.   Rent in New York City is prohibitively high.

2.   Real Estate Agents are notorious liars. 

3.   Most restaurateurs and investors are unreasonably optimistic. 

 

What Else?

 

In addition to rent, payroll and supplies, there’s also Workers Comp and Liability insurance (and don’t forget about those expensive annual insurance audits). There’s Federal, State and local taxes that have to be paid, not to mention Sales and Use taxes. There are licenses and permits and countless forms to be filed. And don’t forget that ever-expanding pandect of perplexing rules that must be complied with. And after you’re done paying your Employees [more than they’re probably worth] there’s an army of Accountants, Lawyers and a tumultuous torrent of fees and fines and shakedowns for you to contend with.  

 

Now that it’s Over I’m finally Free

 

You’re not free and it’s far from over. Now that your business is permanently closed, the good folks at the New York State Department of Taxation and Finance want you to know that they don’t give a tinker’s damn about your financial problems. Moreover, your unpaid Sales, Use and Payroll withholding taxes aren’t dischargeable in bankruptcy and since they “pierce the corporate veil” (which is a fancy way of saying you’re personally responsible) you can expect to be hearing from the Tax Department sooner than you’d like. 

 

What Should I Do?

 

Call Selig & Associates. We specialize in unpaid sales and payroll withholding tax problems. We represent individuals, businesses and entrepreneurs before the Internal Revenue Service and New York State Department of Taxation and Finance. Negotiating reasonable tax settlements and payment plans since 2006. Consultations are available in person or by telephone and emergency appointments are available upon request. To speak with a Federal Tax Practitioner CPCU and Attorney call (212) 974-3435 or contact us Online.