More of the Small Business Resource Guide
Segregated accounts Establish a segregated bank account for sales taxes. NYS Tax Department encourages all sales tax vendors to voluntarily establish a separate bank account for sales taxes that they collect on behalf of New York State to make it easier to comply with the tax law. To improve sales tax compliance, they can require certain sales tax vendors to deposit sales tax into a separate bank account. This tax law change was effective March 31, 2011. Sales Tax Filing Responsibilities A sales tax return is still required to be filed, if a registered vendor, did not collect any tax for the tax period in question. Vendor Collection Credit (currently at 5% of tax payable except monthly filers with a maximum of $200 ) Sales Taxes are trust taxes – A responsible person can be held personally liable for payment of taxes. If a business ceases doing business, they must file a final sales tax return and return the Certificate of Authority to the Department. Sales Tax Exemp...