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Posted by
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quote:
failed to timely file a New York sales and use tax return for the period December 1, 2014, through February 28, 2015
Geez. This generally takes a massive effort to do for that long. As in to the point where upper level management was likely involved, at least their controller, CFO, etc.
sales tax enforcement is ruthless. in LA, they will shut your business down and absolutely sue the beneficial owners of any entity to make you personally liable. that's not the taxes i would screw around with
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re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by LSUFanHouston on 1/23/23 at 2:47 pm to Eurocat
Yup. Responsible party.
Gotta read the docs before you sign them.
Just wait. Once IRS partnership audits under the new rules really start to take off, you are going to find that the "representative" listed on the tax return is gonna have a lot of obligation they probably don't want...
Also... sales tax is like payroll withholding. The agencies get real pissy with it, because it's not a company expense... it's simply the company is supposed to collect and remit as an agent of the government.
Gotta read the docs before you sign them.
Just wait. Once IRS partnership audits under the new rules really start to take off, you are going to find that the "representative" listed on the tax return is gonna have a lot of obligation they probably don't want...
Also... sales tax is like payroll withholding. The agencies get real pissy with it, because it's not a company expense... it's simply the company is supposed to collect and remit as an agent of the government.
re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by armsdealer on 1/23/23 at 3:52 pm to lsujro
quote:
sales tax enforcement is ruthless. in LA, they will shut your business down
Even if you are in the ICU unconscious for weeks they will come in and shut your business down. Wouldn't reopen for like 3 days after they had their money and they had their money within an hour of two of someone who was conscious knowing about the situation.
re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by baldona on 1/23/23 at 4:04 pm to LSUFanHouston
quote:
Also... sales tax is like payroll withholding. The agencies get real pissy with it, because it's not a company expense... it's simply the company is supposed to collect and remit as an agent of the government.
Yep. While I agree with it as a liablity, its bullshite for them not to be paying back more of the costs to collect and remit. I pay 2.5% credit card fees and I'm paid back $30 on the first $1000 of sales tax. I paid almost $7500 in CC fees just on my sales tax alone and got back a whopping $720 from the state DOR. If I'm going to be your agent, you should be taking on more of my expense.
This post was edited on 1/23 at 4:05 pm
re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by thelawnwranglers on 1/23/23 at 8:36 pm to Eurocat
What's the point of LLC?
quote:Why?
I worry about the unwary partner
quote:In fact the court did not consider other managers liable.
because he was a member of the LLC, and because he was a person required to collect and remit tax under New York law
re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by LSUFanHouston on 1/24/23 at 11:32 am to baldona
quote:
I paid almost $7500 in CC fees just on my sales tax alone and got back a whopping $720 from the state DOR. If I'm going to be your agent, you should be taking on more of my expense
It seems like every time the state / parishes need a little more money, they shave that vendor comp down a bit...
re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by LSUFanHouston on 1/24/23 at 11:34 am to thelawnwranglers
quote:
What's the point of LLC?
Courts have essentially decided that an LLC does not absolve you from not performing duties required of you by a government agency, especially if, in theory, there isn't a business expense involved.
It's absolutely controversial.
re: Court rules partners are INDIVIDUALLY liable for sales taxPosted by SloaneRanger on 1/24/23 at 6:27 pm to Eurocat
Uh, this isn’t a “partner.” It is a member of a LLC. Haven’t read the case to see the reasoning, but I can tell you that many LLC members vastly overestimate the amount of personal liability protection provided by the LLC business form.
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