Individuals, businesses and even state governments felt the impact of the recession in recent years. States throughout the country, including New York, reported weak gains in tax revenue growth for the last two years. State government finally appear to be rebounding. Recent data shows this year is off to a much better start. Tax collections for Q2 in New York were reportedly up 18.2 percent.
A business or individual will likely experience frustration after receiving a notification from the New York State Department of Taxation and Finance of an impending state tax audit. One thing that can top this frustration: notification of a second audit.
Although businesses of any size can find themselves the subject of a sales and use tax audit, some are at a higher risk than others. Common targets often include large businesses or those with complicated tax filings.