Today it was announced that NYS is prohibiting all non-essential businesses from operating
Today it was announced that NYS is prohibiting all non-essential businesses from operating. Restaurants and bars are NOT affected by this as they are classified as essential businesses and may continue to offer delivery and takeout food only.
NYS also announced positive news that failure to timely remit sales tax will not be subject to interest or penalties. We understand the timely nature and devastating situation we are in, but recommend you be advised by a tax professional how the file and or manage this process. In response to this announcement we issued the following statement:
This is good news as it alleviates immediate pressure on hospitality businesses, however, they must be careful because failure to eventually remit the sales tax can still have significant consequences. The state and city of New York should immediately convert these sales tax payments into grants that restaurants and bars can use. This will provide businesses with the immediate cash infusion they need for their business and employees.
Andrew Rigie, Executive Director, NYC Hospitality Alliance
*PLEASE NOTE: we are reporting on this sales tax announcement, which was made earlier by the state’s budget director. When official government guidance is provided, we will share it.