Avoid Running Afoul of New York State Sales Tax Law
Real estate businesses in New York face sales tax issues; it's a fact of life in the Empire State. And, generally, when a real estate business fails to comply with its tax obligations, the New York State Department of Tax and Finance (DTF) sends it a notice of examination. The notice triggers an audit of the business owner's transactions and purchases for a period up to six years prior to the audit. Business owners who have undergone a tax department audit are aware that it can cost hundreds of thousands of dollars and, possibly, into the millions.