AU-196.10 PDF

This article addresses those requirements. Similarly, a person who acquires such assets may unknowingly become liable for unpaid sales and use taxes unless specific precautions are taken before the sale is completed. Business assets can include anything directly related to the conduct of a business, including tangible personal property, real property, and intangible assets such as goodwill. Its fixtures and equipment are sold to an affiliated restaurant within the same ownership group. Procedures and Notification Filing a bulk sale notification with the DTF is not mandatory, and there is no statutory requirement for purchasers to follow the relevant procedures.

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The bulletin defines a bulk sale as the sale, transfer, or assignment of business assets by a person required to collect sales tax. Business assets are defined as any assets directly related to the business, such as: Tangible personal property, Real property, and Intangible assets, such as goodwill However, a bulk sale does not include sales of assets made in the ordinary course of business, such as retail sales to customers.

The burden of proving a notice was received by the Department is on the purchaser. Therefore, the Department advises purchasers to file Form AU If any other delivery method is used, the notice will not be effective until the date the Department actually receives it, which may result in the purchaser being held liable. If any information on the original form changes or is incorrect or unavailable the purchaser must file a revised Form AU Once the Department receives a completed Form AU Or, Form AU These forms will be mailed to the purchaser with 5 days of receiving Form AU Purchasers who receive Form AU However, if the purchaser receives Form AU If the Department fails to issue the purchaser Form AU However, the bulletin warns that although the purchaser may receive Form AU However, if the seller fails to give this notice to a prospective purchaser it will not relieve the purchaser of its bulk sale obligations or any bulk sale liabilities.

Sellers must file a final return and pay any taxes due within 20 days of ending their business operations. Failure to do so will result in the seller being held liable for any taxes, penalties, and interest due on the final return, regardless of whether the purchaser has been relieved of liability. Sellers who are thinking about selling their business or business assets are advised to contact the Department for a review of their sales tax account to determine whether the business has any delinquent sales tax returns or owes any sales tax.

For Further Information.

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Bulk Sales

What is a bulk sale? The sale, transfer, or assignment of business assets, in whole or in part, by a person required to collect sales tax is called a bulk sale. Business assets means any assets directly related to the conduct of a business, including: tangible personal property, real property, and intangible assets, such as goodwill. However, sales of assets made in the ordinary course of business, such as retail sales to customers, are not considered bulk sales. Examples of bulk sales transactions: Example: A retiring contractor sells all his tools and other equipment to another contractor.

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The New York State Bulk Sale Notification Requirement

The bulletin defines a bulk sale as the sale, transfer, or assignment of business assets by a person required to collect sales tax. Business assets are defined as any assets directly related to the business, such as: Tangible personal property, Real property, and Intangible assets, such as goodwill However, a bulk sale does not include sales of assets made in the ordinary course of business, such as retail sales to customers. The burden of proving a notice was received by the Department is on the purchaser. Therefore, the Department advises purchasers to file Form AU If any other delivery method is used, the notice will not be effective until the date the Department actually receives it, which may result in the purchaser being held liable.

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New York – Bulletin Issued on Bulk Sales

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