Do you have a large back tax debt to New York State? Don’t ignore it.
It must be addressed or else the State Tax Department will commence collection activity against you, including freezing your bank accounts, garnishing your wages, and seizing your property.
New York State has an Installment Payment Agreement (IPA) program which allows taxpayers to pay back tax bills over time. Since interest and penalties still accrue during the IPA period, paying your entire outstanding balance at once is most ideal. But many people have neither the funds to do so, nor the ability to qualify for a loan to obtain the funds needed to wipe out the tax debt. The IPA, usually taking the form of a monthly direct debit from the taxpayer’s checking account, enables the State to be paid on a regular schedule and the taxpayer not to be subject to collection action such as levies and garnishments.
Call us today if you owe back taxes. We can ascertain what the best course of action is for your specific situation.