Our client hired us in 2016 for a State of NY tax issue. At the time he owed the State of New York for a closed business in the amount of $100,000 give or take, including penalty and interest! The original assessment was $49,000. The State of New York has a personal tax assessment process whereby they assert tax liability to an individual owner, officer, or managing member of a business. This egregious process can cause damage such as judgments, tax liens, levies, garnishments, and damage to one’s personal credit. We approach each and every State tax issue with great caution, and almost never take a State case on due to the limitations we might be up against concerning resolution. Luckily, the State of NY had an Offer in Compromise process that allowed us to offer a settlement amount, while still letting the statutes run for our client. Thus lowering the risk for our client concerning the tax debt, while potentially saving him a lot of money off of the bill.
We filed an offer for our client almost immediately upon hiring us as the State of NY was threatening garnishment of our client’s wages. Thankfully, we were able to get the Offer to the authorities and get the processing times started to avoid garnishment. Luckily, unlike the IRS, the State collection statutes still run during the processing of an Offer.
Here we are, two years later, and our client received a satisfaction of judgment letter from the State indicating he no longer owed any taxes under his Social Security Number. Meaning, he doesn’t owe any of the former business liability as the statutes completely expired! Our client couldn’t be happier with the results, our service, and how everything turned out for him. He can now officially start a new life (as a head chef) in NYC moving forward from the financial burden that held him back for so long.
If you or someone you know owes the IRS or State taxing authorities give us a call. We will be happy to walk you through the process to see if you can save any money off of your bill.