In the New York FY2013 budget, changes were made to the Tax Law that added potential new obligations on persons who have failed to (1) collect sales tax, (2) remit collected sales tax, or (3) file timely sales tax returns.
Pursuant to these new provisions, the Department of Taxation and Finance may require collected sales tax to be deposited in a segregated bank account on a weekly basis with the Department authorized to debit such account, and, in the case of quarterly filers, the Department may require monthly sales tax returns to be filed.
