Request Free
Consultation

[contact-form-7 id="325" title="Footer Form"]

Category: Offer in Compromise

Overcoming NY State Back Taxes: Relief and Consequences

24 August, 2024 | Offer in Compromise Tax Debt Tax Issues Tax Relief

Summary   New York State taxpayers who are unable to satisfy their tax payment or filing obligations may face consequences such as tax warrants, wage garnishment, asset seizure, and penalties. Relief options include requesting penalty abatement, setting up monthly payment plans, exploring the Offer-in-Compromise program, filing for Innocent Spouse Relief, and utilizing the Voluntary Disclosure Program. Appeals against tax assessments are also possible. Unpaid taxes resu... CONTINUE READING

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 when the taxes are owed. It goes beyond just needing a few months or years to pay, they need long term relief. 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 th... 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

Search For Useful Articles

Article Topics

What Happens If You Commit Tax Fraud? Possible Prison and Fines

Summary The punishment for tax fraud depends on the type of fraud committed and the specific law broken. Criminal tax fraud can lead to imprisonment of up to five years and fines of up to $250,000 for individuals and $500,000 for corporations. Civil tax fraud leads to civil penalties of...