Business Tax Attorney NY — Resolve Your Business Tax Problems

If you have a business tax concern, we can help. At the Timothy S. Hart Law Group, we understand the complex range of problems and concerns faced by New York business owners.

Business owners in this state have substantial tax responsibilities and obligations, and failing to meet those obligations can lead to hefty state penalties, state and federal investigations, and adjustments to your tax returns.

We can help ensure that you are compliant with federal and state tax requirements, respond to notices, represent you through business tax audits, and guide you through all other business tax problems. To find the right solutions for your needs, contact the Timothy S. Hart Law Group at 518-213-3445.

Key Takeaways

• Business owners must comply with New York State tax requirements and federal tax requirements.
• Issues with state or federal taxes can cross over and leave businesses on the hook for multiple penalties.
• The key to resolving these issues is taking action right away to avoid letting penalties add up.
• The New York business tax attorneys at Timothy S. Hart Law Group can help you find options for resolution.

How Our NY Business Tax Attorney Can Help You

As your business grows and changes, you’ll likely come up against taxation challenges that require immediate action. We’ve handled a variety of tax concerns and helped business owners mitigate their losses. Our services can help you address:

Payroll Tax Problems

Payroll taxes are a huge part of any business’s operations. Both the state of New York and the IRS regard payroll taxes as trust fund taxes. When a business withholds payroll taxes, those funds belong to the government.

The business is only meant to collect them and pass them along during the next payment or deposit date. But businesses do fall behind on these taxes, often resulting in failure-to-deposit penalties. We can help you find ways to catch up and avoid further penalties to your business.

When a business’s deposit frequency or amount changes dramatically, the FTD Alert Program may come into play. This program identifies anomalies in deposits to help businesses get caught up. If an alert is issued, the IRS will try to reach you directly by coming to your business in person or sending a notice such as Letter 5857.

If your business goes too long without paying these taxes, the IRS may assess a Trust Fund Recovery Penalty. The IRS can assess this penalty against any responsible person (owners, employees, third parties, etc), potentially even resulting in the loss of the responsible party’s personal assets.

Businesses may also run into taxation issues if they misclassify employees as independent contractors. Employers must pay the employers’ share of Social Security and Medicaid taxes in addition to withholding payroll taxes from paychecks, but this requirement doesn’t exist for independent contractors. When the misclassification comes to light, your business could face a significant tax bill for the period of time that the employee was improperly classified.

Although much of our work revolves around helping businesses address challenges and penalties, we also strive to help businesses get and stay compliant. Federally, most businesses have to file Form 941 and report their employment taxes quarterly. However, certain businesses can file Form 944 instead. Other relevant federal forms include Form 943 and Form 945. At the state level, you may need to file Form NYS-45 and Form NYS-1.

Sales Tax Issues

Sales tax is a complex issue for businesses that sell taxable goods and services. Your obligations depend on where you are within the state and that region’s local tax rate. Most businesses must file monthly, but there are limited exceptions for small businesses.

Our team of New York business tax attorneys helps local business owners remain compliant with all relevant state tax regulations and dispute or appeal sales tax liabilities that are overblown or miscalculated.

The NY DTF audits sales tax returns at fairly high rates. Navigating an audit on your own can be stressful, and failing can lead to back taxes, interest, and penalties. We can represent you through this process.

Individual Liability for Business Taxes

Both the IRS and the NY DTF can hold individuals responsible for some business taxes. In particular, that includes state sales tax, certain excise taxes, and the trust fund recovery penalty. If you’re facing this problem, you need an attorney with experience in this realm.

When an owner, shareholder, financial representative, or other individual is determined to be a “responsible party” for unpaid payroll taxes, the IRS will send them Form 2751 with Letter 1153. This is the proposed assessment of the TFRP. If you’ve been named as a responsible party, you must act quickly to avoid massive personal financial penalties that may lead to aggressive collection actions against you.

You should also act promptly if you’re subject to an investigation to assess whether you’re responsible for business taxes or if you have received any letters from the state or the IRS about sales or excise taxes.

IRS or State Fraud Investigations

Being the target of an IRS fraud investigation is both incredibly stressful and potentially very expensive for your business. Depending on the specifics, you may incur civil fraud penalties, and criminal charges may even be on the table.

Your New York business tax attorney will work swiftly to protect your rights and interests as a business owner throughout the course of the investigation. We prepare extensively for all IRS investigations by conducting our investigation, analyzing financial records and tax forms, and digging into the allegations against you. We can also represent you if you’re facing criminal exposure due to unpaid payroll taxes ^[a].

ACA Compliance With Form 1094/1095

IRS Forms 1094 and 1095 relate to the Affordable Care Act and healthcare coverage provided to employees. Businesses must provide employees and the IRS with Form 1095 and file Form 1094 with the IRS.

Failing to comply with these requirements could lead to information reporting penalties. Furthermore, not offering the right coverage can lead to additional ACA penalties. We help employers ensure that these forms are filled out accurately and completely to avoid penalties and further issues.

Our Approach to Resolving Your NY Business Tax Issues

Throughout our years in practice, we’ve worked with New York business owners on a wide range of complex business tax issues. We have both the knowledge and the experience needed to provide personalized guidance on your issues.

From the beginning of our time handling your case, we’ll conduct a comprehensive analysis of your unique tax issues, including any steps you’ve taken to resolve them and any communication you’ve had with state or federal tax authorities. This puts you on the path to developing strategic solutions that are personally tailored to your business’s industry, history of tax compliance, and current concerns.

Our goal is to minimize your financial liability, prevent further legal consequences, and secure the best possible outcome for you.

If you’re worried about communicating with the IRS or the Department of Taxation and Finance, know that our New York business tax attorneys will handle all direct communication with these agencies on your behalf. We advocate aggressively to protect your business, secure your long-term financial stability, and give you the freedom you need to continue growing and expanding.

Take Action to Resolve Your NY Business Tax Problems

The longer you leave state and federal business tax problems unresolved, the greater the risk to your business is. You’ve worked tirelessly to build your company—now let us protect its future by handling your tax compliance issues.

Schedule a confidential consultation with New York tax attorney Timothy S. Hart to learn more about your options for resolution. Call us at 518-213-3445 or contact us online now.

Sources:

https://www.irs.gov/irm/part5/irm_05-007-001

https://www.irs.gov/businesses/small-businesses-self-employed/understanding-employment-taxes

https://www.irs.gov/pub/irs-pdf/f941.pdf

https://www.tax.ny.gov/bus/

https://www.tax.ny.gov/forms/partner_llc_llp_cur_forms.htm

https://www.tax.ny.gov/bus/wt/filing_requirements.htm

https://www.irs.gov/businesses/small-businesses-self-employed/depositing-and-reporting-employment-taxes

https://www.irs.gov/pub/irs-pdf/p15.pdf

https://www.irs.gov/irm/part5/irm_05-007-003r

https://www.irs.gov/irm/part5/irm_05-007-006

https://www.irs.gov/instructions/i109495c#en_US_2024_publink100033119

https://www.tax.ny.gov/bus/wt/wtidx.htm

https://www.tax.ny.gov/forms/publications/wt/nys50.htm