For time and memorial, New York City Restaurants have been the Darling of the Tax Department. And now (thanks to reality television and the proliferation of celebrity-owned restaurants) overzealous tax collectors are cashing in on the Craze, says David Selig of Selig and Associates.
But celebrities aren’t the only one’s who are feeling the pinch, says Selig. For example, a tasty little Curry House on the Upper East Side was recently closed by the Tax Department because it owed less than $400 Thousand in sales and corporate taxes. A few days later, the Tax Department seized another restaurant in the East Village; then padlocked a yummy Pizza franchise in the Bronx. Then it was back to Chelsea to shutter another Pizzeria that allegedly owed $122K in Unpaid Taxes; then back uptown to kill a few more dreams. Ironically, says Selig, almost all sales tax controversies are resolvable, provided the owners’ get involved early on.
Moreover, now that so many celebrities and professional athletes have bought into New York City restaurants, the opportunities to settle have increased exponentially. Unfortunately when it comes to tax controversies, most athletes and entertainers are poorly represented. I suspect it’s because their attorneys and accountants don’t regularly practice before the IRS and State Tax Department, and don’t really understand how the system works, says Selig
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