An area furniture store owner accused of pocketing sales tax that should have been turned over to the state was charged with tax evasion. In the restaurant and bar industry, the narrow margins often lead to financial distress and the incentive to “borrow” against sales tax receipts to make payroll, hoping or believing the money will be replenished before taxes are due. Charges can include grand larceny. Those charges could be sentenced to as much as a 15-year prison term.
Don’t fall prey to this situation. If you are frustrated and need to strategize on how to improve your bottom line, contact Tracy Jong, attorney, or Young & Company (CPAs) who focus on the bar and restaurant industry. Professional assistance can turn a failing business around. If you find yourself in this situation because you delayed a bit too long, contact us to defend you and protect your business. Time is not on your side. Call before it is too late and the consequences are too large.