tag:blogger.com,1999:blog-5694390946037511355.post6560132591926102641..comments2024-03-28T08:15:11.684-04:00Comments on EV Grieve: East 12th Osteria resumes serviceUnknownnoreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5694390946037511355.post-2738869605936862722016-12-21T05:56:58.671-05:002016-12-21T05:56:58.671-05:00@6:08 is correct. The state seized the place so it...@6:08 is correct. The state seized the place so it was likely nonpayment of sales tax. Not the IRS and it is 10% compounded monthly. Obviously none of you have ever run a business in this town which explains your cavalier attitude towards a struggling businessman's woes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-1991457316794096422016-12-20T15:49:16.770-05:002016-12-20T15:49:16.770-05:00@ 6:08 I believe the maximum penalty for unpaid ta...@ 6:08 I believe the maximum penalty for unpaid taxes is double the amount owed, plus interest. It's not 10% compounded monthly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-90459462812779465572016-12-20T15:04:30.205-05:002016-12-20T15:04:30.205-05:00The IRS underpayment penalty is not 10% a month.
...The IRS underpayment penalty is not 10% a month. <br /><br />Tax payments are due quarterly. And it isn't 10% a quarterly. Maybe with fines it would be 10% a year. And that's just on the amount you underpay. So to get to $190K you have to seriously underpay for awhile or make a ton of money and not withhold enough.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-65638663664402187632016-12-20T12:48:27.463-05:002016-12-20T12:48:27.463-05:00@6:08am: And the owner didn't know about tax ...@6:08am: And the owner didn't know about tax penalties? I'm sure when you miss a quarterly payment, they send you a letter telling you about that. Perhaps he's a better chef than he is a businessperson - he wouldn't be the first nor the last to be in that category.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-58511728189741599832016-12-20T06:08:46.252-05:002016-12-20T06:08:46.252-05:00If you miss a quarterly sales tax payment you are ...If you miss a quarterly sales tax payment you are fined 10%(120%p.a.) of total owed every month it's not paid. It's compound interest so gets to $190,000 pretty fast.<br />Cut the guy some slack and go eat there, he and his staff have families and it's the holidays.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-13314422397557877712016-12-19T13:53:18.142-05:002016-12-19T13:53:18.142-05:00Still not going to eat there, b/c now it's lik...Still not going to eat there, b/c now it's likely their prices will go up as they try to repay the taxman.<br /><br />And if they'll cheat on their taxes to that extent, heaven only knows what shortcuts they may take on food purchase/prep.<br /><br />Good luck to them, but I'm still not a customer!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-58380010817113166002016-12-19T11:29:33.605-05:002016-12-19T11:29:33.605-05:00So does this mean that the state has opened the do...So does this mean that the state has opened the doors and is back in the kitchen attempting to sling hash? That sounds like some sit-com shit right there.Anonymousnoreply@blogger.com