The PrompTax program is an electronic filing and payment program used for remitting payroll tax withholding (including metropolitan commuter transportation mobility tax) as well as sales, motor fuel and petroleum business taxes. NYS is requiring mandatory participation in this program for businesses who meet the enrollment criteria.
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Business mergers and acquisitions can be complex when it comes to taxation issues. When purchasing a corporation, both the buyer and seller need to first determine whether the deal will be structured as an asset or stock deal.