The following is a copy of a recent letter outlining current tax problems faced by liquor stores today.
Dear New York Liquor Store Owner:
I have enclosed a copy of our year-end newsletter, along with some other promotional material. Perhaps you share my frustration with our current political situation. In any event, I hope you find this material entertaining.
Despite our attempts at humor, we take our tax responsibilities very seriously. Our commitment to provide the highest level of quality in our services is backed by the enclosed "Client Bill of Rights." We believe we are the first accounting firm in the nation to announce such a comprehensive level of client rights. We will continue to strive to improve and innovate in order to provide the best services possible.
Through personal experience, I have gained intimate knowledge of all phases of the liquor store industry. My father started his first liquor store about 50 years ago in NY City. When I took on the accounting chores back in 1972, I never dreamed the family business would evolve into one of my largest clients. At age 81, my father is still greeting his customers at Soho Wine & Spirits in NY City.
From a tax accountant’s standpoint, I have found the most difficult part of the liquor industry is dealing with the government authorities. You probably know what I mean. After all, you did undergo the rigors of the NY SLA license procedures.
Tax audits are another problem. Thankfully, they are relatively rare. But when they do occur, the consequences can be disastrous. NY State Sales tax audits are the most serious because they generally involve a 3 year period. So even if the auditors find only a small percentage difference in your mark-up rate, when they apply that to your sales for the last 3 years you have a sizeable additional tax. In some cases, interest and draconian penalties can result in crippling tax adjustments. To protect yourself in these times, a knowledgeable CPA is a must.
We provide a full range of tax accounting and income tax preparation services for NY liquor stores. Our offices are conveniently located in NY City and upstate New York.
Respectfully yours,
To contact us Email to Masullo@catskill.net