Restaurant Law Blog

Sunday, December 2, 2012

Starting a Business? Tax Department Publication Provides Critical Information

The following is courtesy of the New York State Division of Taxation and Finance.

If you're starting a new business or purchasing an existing one, there's a publication you might want to add to your reading list, the "Tax Guide for New Businesses" (Publication 20) from the New York State Department of Taxation and Finance.

This practical guide, freshly updated from cover to cover, provides basic information about New York State's tax laws and regulations for business of all sizes.

It highlights tax responsibilities related to sole proprietorships, partnerships, and corporations. It spells out filing requirements for employers and provides guidance on sales tax, the Metropolitan Commuter Transportation Mobility Tax, and other taxes such as the alcoholic beverage tax. It also provides information on New York City licenses, permits, and dozens of other tax-related topics.

For the first time the revamped publication includes embedded Web links. With just a click, these links take the reader directly to printable forms, complete instructions, and other essential Tax Department guidance.

The document also helps taxpayers - and tax preparers - understand what records to keep, how long to keep them, and discusses certain accounting methods.

Hundreds of thousands of taxpayers currently have an Online Services account with the Tax Department, and this publication lists the rich variety of online services one can sign up for in a matter of minutes.

It concludes with a roster of New York State, New York City and federal service center contact numbers, such as the U.S. Small Business Administration. The publication can be found at: www.tax.ny.gov <http://www.tax.ny.gov/>

 


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