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Sales Tax - Ask now

Posted By Robert Treuber, Thursday, November 12, 2015
Updated: Thursday, November 12, 2015

There are two big developments in the works regarding the collection and payment of sales tax by title companies.


Sales tax audits of title agents are being conducted in both Zone 1 and Zone 2.  Our aim is to provide Members with good information so they can operate in full compliance and be prepared for an audit when one is scheduled.


We are working to establish strong communication channels with the Department of Tax & Finance though our professional staff. This will give us a platform to help the Department understand our business and facilitate resolution of Member's concerns.


The Education Committee is preparing a credit-bearing Continuing Education course on Sales tax.

The Association is asking Members to submit your questions about sales tax. These inquiries will be collated and presented to the NYS Department of Tax & Finance. The Education Committee will also use these questions to inform a Continuing Education class on sales tax, currently being finalized.


Use the comments section link, located below this article, to pose your question.


This will help us determine the areas of greatest concern to Members.


Tags:  Continuing Education  DoTF  Sales tax  Tax & Finance 

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Comments on this post...

RGT for Member says...
Posted Friday, November 20, 2015
There seems to be some confusion and differences of opinion among some fellow agents regarding sales tax.

The question has to do with recording documents such as deeds, property line agreements and the like for consideration and/or for no consideration.

Most typically these could be for estate planning where no insurance is involved and the agent charges an administrative fee in addition to the actual recording fees. A popular deciding factor is WHETHER there is to be insurance. Another question is when the agent provides copies of LAST DEED, DEATH CERTIFICATE, ETC
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Paul Bugoni says...
Posted Friday, November 20, 2015
Part of the problem here is that we are relying on materials from 5+ years ago; the purpose of our initiating the dialogue with DOF is to get clarification on various scenarios so that they are less gray to title agents/underwriters; of course sales tax isn’t our only discussion point with DOF.

As for what is taxed... the problem is that we shouldn’t have to speculate this much on what is a rather common question, hence our request for guidance from DOF.
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