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    Category: Offer in Compromise

    New York State offer in compromise program

    30 October, 2022 | Offer in Compromise

    The New York State offer in compromise program allows taxpayers to lower the amount of tax debt they owe the State when they can't afford to pay it all. The program was developed to help insolvent New York taxpayers in need of tax debt relief because paying the full tax debt would create an undue economic hardship. With the tax debt resolved through this program, you typically have a settlement by paying a reasonable amount of the debt owed with a sixty (60) mont... CONTINUE READING

    Apply For Offer In Compromise to Settle Your Tax Debts

    13 September, 2021 | Offer in Compromise

    Apply For Offer In Compromise to Settle Your Tax Debts Tax debts are always an unwanted headache for taxpayers. They are a specific amount of tax that is payable to the Internal Revenue Service. They increase over time with the addition of interest and penalties. If they are not paid as soon as possible, they get double and that hurts more. Tax debts are due to not paying taxes by the deadline. And this happens due to many different reasons such as inability to pay taxes, fa... CONTINUE READING

    When is an Offer In Compromise a means for penalty relief?

    10 May, 2016 | Offer in Compromise

    When is an Offer In Compromise a means for penalty relief? I had a recent client that owed about $30,000 to the NYS Tax Department. The taxes related to late filed income tax returns for a few years, where he sold a sizable asset. We went through the normal procedure of filing the unfiled tax returns, and once the tax assessments were received we attempted to get the penalties abated. It was somewhat hopeless (to be honest). I felt bad since the client on... CONTINUE READING

    NY State Tax Warrant: What to Expect and How to Resolve

    What Is a Tax Warrant in NY? How to Resolve New York Tax Liens The New York Department of Taxation and Finance (NYS DTF) can file a tax warrant against you if you have delinquent income tax, sales tax, or other N...