Beer Tax Goes Annual for Some
There's some welcome news for farm breweries in Technical Memorandum TSB-M-13(6)M. Such entities, which are restricted to producing no more than 60,000 barrels of beer annually, can now elect to file their beer tax annually, rather than monthly, just like qualified micro-breweries and restaurant-brewers.
Unsolved Tax Mystery in Mt. Kisco
"The check is in the mail" has become such a poor excuse for late payments, no one can say it with a straight face anymore. But how about "the bill is in the mail"? That's what happened in the village of Mt. Kisco in Westchester County. In a June 10 letter to village residents, Joanne F. Cerretani, receiver of taxes, said she had just found out from the local postmaster that the tax bills sent out on May 31 were inexplicably lost.
NASDAQ Hit with $10M Facebook Fine
The SEC has charged NASDAQ with securities laws violations "resulting from its poor systems and decision-making during the initial public offering (IPO) and secondary market trading of Facebook shares," according to a May 29 SEC release. NASDAQ has agreed to pay a $10 million penalty, which the SEC says is the largest ever against an exchange.
NYSDTF Offers More Help in Spanish
New York State Taxpayer Rights Advocate Camille Siano Enders has announced in a release that the tax department has added six new bilingual taxpayer service representatives and two supervisors to the tax department's MetroTech office complex in Brooklyn to help serve Spanish-speaking taxpayers.
New York World's Most Competitive City
The Big Apple has been an important financial and commercial hub for centuries, and that shows no signs of changing, according to a report from the Economist Intelligence Unit. The report looked at 120 cities' competitiveness, judging their ability to attract capital, businesses, talent and visitors, using 32 qualitative and quantitative measures. The winner as most competitive city was New York City, with a ranking score of 75.7 out of 100.
New Yorkers Warned on Fake Tax Notices
Did you or a client get what seems to be a tax collection letter from the New York tax department? It may be a fake. The state Department of Financial Services is looking into what it's calling "misleading collection notices posing as official government letters" in a release posted on its website.
NYC Salons Seek Tax Relief on Tips
Seidman: Americans Prefer More Rules
Financial Accounting Standards Board Chair Leslie Seidman, during her final public speech as chair at the Financial Executives International Conference yesterday, said that Americans tend to prefer rules over principles in their accounting literature, according to the Wall Street Journal.
New Jersey Updates Sandy Tax Info
Superstorm Sandy may seem like just a bad memory, but for many, the storm is still very much with them, as the rebuilding goes on. To help Garden State storm victims who are confused about various sales and use tax issues associated with rebuilding, the New Jersey Division of Taxation has posted a FAQ list.
SEC Cracks Down on Shell Companies
The SEC has suspended trading in the securities of 61 "empty shell companies," according to a release issued earlier this month. This is the second-largest trading suspension in SEC history. These companies are delinquent in their public filings and apparently no longer in business, as determined by the SEC's Microcap Fraud Working Group.