seven years
How long should I retain copies of my New York State income tax returns and/or tax records? Keep copies of your return and any books, records, schedules, statements, or other related documents for at least seven years after you file your return.
How long does NYS require the LAC to retain records?
Retention Schedule: Patient care data files containing medical treatment and/or billing information must be retained for 6 years or 3 years past the patients eighteenth birthday, whichever is longer.
Who is personally liable for the taxes of a business?
Most important, know that every business owner who has employees, no matter whether the business is organized as a corporation, LLC, partnership, or sole proprietorship, is personally liable if the business doesn’t pay the taxes it withheld from employees’ paychecks.
Who is responsible for the debts of a sole proprietorship?
If you’re operating your business as a sole proprietorship (or “DBA” or as an independent contractor), you and your business are legally the same, which is another way of saying that you personally owe every penny that your business can’t pay.
What happens when a person defaults on a mortgage?
Any other tangible asset that can be sold. Another form of repossession happens when a person defaults on a home loan. If a consumer can’t make their mortgage payments, the lender can repossess the home through a process known as foreclosure.
Can a defaulting home buyer Sue a foreclosure seller?
When foreclosure sales actually are required by the courts, foreclosing lenders or land contract home sellers can bid on their own properties and reclaim them. Depending on the type of foreclosure, you might also be able to sue your defaulting land contract homebuyer for any negative loan balances once she’s foreclosed. First Time Home Buyer?
