- New guidance from the New York Department of Taxation and Finance clarifies rules around amending Sales and Use Tax returns
- Businesses can amend returns under certain conditions, such as not reducing past-due tax liabilities
- Overpayments can result in credits or refunds within specific time frames
- The Department retains the right to assess additional tax, penalties, and interest
- Businesses have 180 days to file a return after receiving a notice of determination
- Stricter penalties for filing false returns will be imposed starting April 20, 2024
- Accuracy and timeliness in filing Sales and Use Tax returns are crucial for businesses
- Review and amend returns promptly if errors are discovered
- Act quickly on notices of determination to avoid penalties and interest accrual.
Source: taxconnections.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
