Recently, the New York State Office of the Attorney General announced the felony conviction of an upstate New York retail shop owner on tax fraud counts. The investigation found that for seven years, the businessman underreported income by $632,383.20 on his personal income tax returns for two retail stores he owned. He ultimately owed back New York state taxes in the amount of $86,420.11 and $48,764.00 in personal income taxes.
The businessman repaid the delinquent taxes, as well as $154,561.86 in penalties and interest. He pled guilty to Grand Larceny in the Third Degree, a Class “D” felony. He will be sentenced to five years probation.
Depending on the state in which your business is established and the type of business you own, there may be different tax requirements. For example, in New York, businesses are also required to pay for temporary disability insurance in addition to employment taxes. If you own a business, it is extremely important to be aware of your tax obligations. If you have any questions or concerns regarding filing, it is recommended that you contact an experienced accountant as well as a knowledgeable business attorney who can guide you through the process.
Taxes and the legal requirements a business must comply with can be a confusing area to navigate. An experienced business attorney can answer all your questions concerning the legal obligations of your business. The attorneys at Bellavia Blatt, PC have extensive experience in dealing with all aspects of business law. Call Bellavia Blatt, PC at (516) 873-3000 or (631) 224-7000.