The NY State Tax Audit staff have adopted an aggressive posture which, while focused on the restaurant business, really has significant red flags for real estate attorneys dealing with a variety of retailers, including restaurants, because of the Bulk Sales Tax Act provision for transferee liability.
As set forth in an alarming article from the Buffalo News, the requirement that a business have duplicate copies of all customer invoices for 3 years is one which trips up all sorts of businesses.
Contributed by:
Harry G. Meyer
hmeyer@hodgsonruss.com
tel. 716.848.1417
facsimile. 716.819.4632
The Guaranty Building
140 Pearl Street, Suite 100
Buffalo, New York 14202-4040
www.hodgsonruss.com
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