N.Y. Post to Business Owners: Get Your CPA on the Phone, Ducks in a Row

Submitted by Melissa Hoffmann on Wed, 12/02/2009 - 10:54

The New York Post is claiming to have exclusive information about a crackdown at the New York City Department of Taxation and Finance targeting city businesses.

According to the article, the agency is hiring 29 new auditors and training them in "more sophisticated technology," in the hopes that some missing revenue can be recouped and improve New York's dire financial state.

"The mission, which kicks off in January for the 2010 tax season, is expected to bring in at least $16 million a year from scofflaws who either do not pay or who skimp on business taxes, new Finance Commissioner David Frankel said in an exclusive interview," the Post said. It is expected to cost $1.5 million, the article said.

One of the tools the Finance Department will rely on is a new database it is creating to include federal, state and city tax information for all city taxpayers -- businesses and residents alike. It is similar to recent efforts at the state tax department to use third-party data to catch tax cheats, which were outlined by William Comiskey, the deputy commissioner for enforcement, at a FAE conference this summer.

Important to note: The city's efforts, so far, are only being reported by the Post and have not been announced formally by the agency.

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