Tax debt can be frightening for a business. The IRS is ruthless in pursuing those who owe back taxes.
The laws and procedures surrounding New York State tax are complex, and can be beyond the capacity of the average person to understand, regardless of how accomplished he or she is in his own profession. Many honest business owners had no idea they even did anything wrong, and find themselves suddenly faced with a huge tax bill.
If your tax liability is impairing your ability to do business, you may well want to look into filing for business bankruptcy protection. A Chapter 11 reorganization can reduce your tax and penalties, put a stop to collection activities by the IRS and/or the New York State Tax Department, and set in place a manageable plan in which you pay off your tax debt over time. Our attorneys can tell you more; call us to schedule a consultation.