New York State Auditing Aggressively on Art Sales Taxes

January 5th, 2016

Barron’s reports that New York state is cracking down hard on taxes for art purchases, often asking for shipping records and invoices, and sending out sizable bills in the process to many collectors who have skimped on sales taxes.  “I’m getting panicked phone calls from people who are not even my clients,” says David Lifson, a partner and art expert at Crowe Horwath. “I’m seeing letters about people who have moved to New York,” and “letters where the inventory is in transit among dealers and owners. There are many people on this list who bought art in Europe and had it shipped in or through New York.”

Read more at Barron’s