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I have a small bakery and we have not paid our first qtr sales tax. What is the penalty? Can our bakery be shut down?
ANSWER
Expert Eugene Jaspan's Answer:
The penalties for not paying your sales tax can be substantial and yes, they can shut down your business. My suggestion is to meet with a C.P.A. and work out a plan to pay your taxes. If you approach the IRS before they ccatch up with you,, they are more likely to be willing to work out a payment arrangement.
Cordially,
Gene Jaspan, C.P.A.
