Posted on 06/05/2012 3:23:49 PM PDT by NoGrayZone
Today, the small business I work for received a new NY state MANDATORY tax payment order.
We do our taxes quarterly and paid what is owed. We have received notice today since our "taxes" exceed $100,000 on a yearly basis, we are now FORCED to pay these taxes electronically & immediately.
We have no choice. I guess NY just can't wait for the check and is therefore seizing it in a nano-second.
I personally believe this is extortion. We pay our taxes, on time, always, never had a problem.
Now NY state is FORCING us to pay them, electronically, immediately with no representation.
Anyone else with a small business get them same?
Leave.
I’m retired, but I pay estimated taxes. I wonder how they’ll tighten that up to perk up their cash flow. My sympathies.
Just wait until the Blue state estimates what your taxes will be and forces you to pay them 90 days in advance by automatically deducting them from your bank account. Of course then there will be no way to adjust them if necessary to the correct amount 90 days later unless you owe more. And notice this will happen every day, not weekly or monthly or quarterly.
They do it here in California-my neighbor has a small business and they have to file and or pay every 2 weeks or something like that.
Check and let us know if this is payroll or self employment tax because this doesn’t smell right. It’s not a profit until you take it, before then it’s just a surplus in your business bank account.
It’s quite easy to avoid. When times are good, keep upgrading your capital equipment. When times are lean, keep depreciating.
1980s - Federal tax deposits made by check at your bank anytime up 5:00 on the due date.
1990s - Federal tax deposits had to be made by electronic transfer, first optionally, then mandatory. Transfer had to be started by the due date, but could clear afterwards.
Now - Federal tax deposits have to clear before 5:00 on the due date, so the payment has to be made before the due date.
Collection actions are much more aggressive as well, even for small amounts of money, like $500.00.
When you see a business desperate to get cash in the door you know they are in financial trouble. Would you do business with a subcontractor who told you "I'd love to do the job, but I need you to pay me 50% of the price in cash by 4:30 today..?" Maybe, but you'd know they were in perilous financial straits. Same for governments.
So, what is the negative influence for the State Government of New York to not do this? Absolutely nothing unless people start leaving the blue states in incredible numbers, these states will continue to rape their money makers.
I’m thinking SC. It’s still red and I’d rather be on the offensive & protective front then on a constant defensive front.
I love my Long Island, Suffolk County, North Shore, to be exact. We were red once. My village is still red, but our surroundings.....eeeeeek!
Thanks =(.
If only I had one.....
I am in California and I file electronically. I just got hit with two letters for penalties on my payroll taxes. I electronically filed and have documented proof that the State of California “accepted” my electronic payment on the day due but their position is that “accepted” does not mean monies transferred. On the second , I am being assessed a penalty( and interest) for “underpaying” my taxes even though the assessment letter shows I OVERPAID them by about $200.
I know what they are doing. They assume that I will rather pay the penalties then get my accountant involved since that cost will be much higher than my actual penalties and interest.
It aint’ going to work.
You people(Hard headed Yankees) need to wake up and realize there is no fixing that shithole and it will only get worse if thats possible.Move to a redstate tomorrow!
If you underestimate and underpay, you will receive a huge fine at the end of the year.
If you overestimate and overpay, too bad.
All money rightfully belongs to the government anyway.
Close.
Then open new business in business friendly state.
Don’t think you can afford to move?
Calculate the price of staying.
It’s called witholding everywhere else.
Taxes are due 15 April. It is now first week of June....perhaps paying on 15 April like everyone else would stop this sort of thing.
Same here in western upstate (Cattaraugus County.) My little village of some 600 souls is still 75% Republican. The county's Republican and its largest city (Olean) is, too.
We're dying and we know it. Just don't want to leave home.
Sucks.
We did. ADP does our payroll. We thought it should be up to them to file it, since they SEIZE our hard earned monies.
They will be handling it. They also confirmed we had no choice in this matter.
Not so nice.
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