New York State taxpayers who are insolvent or discharged in bankruptcy, or for whom payment in full of an outstanding tax balance would create “undue economic hardship”, qualify for consideration by the State Tax Department for an Offer in Compromise.
A binding agreement whereby the State agrees to settle the tax debt for less than the full amount owed.
The Offer in Compromise program is not simple. It is highly document-intensive, and can take some time. And again, not everyone qualifies. If you are not insolvent or bankrupt, it is necessary to prove undue economic hardship; this means that New York State can conduct a detailed review of your family’s personal finances.
Before thinking of applying on your own for the Offer in Compromise program, consult with our office. We will be able to give you advice specific to your situation that will save you time.
Fill out the form below or call us at 646-326-9971 for a free in-office consultation.
Bradley R. Bailyn, Esq. , Founder
Bailyn Law provides comprehensive legal and advisory services to closely held and family businesses seeking to capitalize on opportunities, avoid or mitigate risks and create long-term stability through good management and diligent business decisions. We help owners and directors structure successful transactions to improve profitability and liquidity including purchasing and selling entire companies or certain assets, restructuring the ownership, management and operations of the business, raising capital or entering joint venture agreements. We serve as general counsel for our clients, fulfilling daily needs and building long-term relationships of trust and confidence.
How can we help you?
The Bailyn Law Firm, P.C
6301 Mill Lane
Brooklyn, NY 11234
One Rockefeller Plaza, Tenth Floor
New York, NY 10020
We believe in action. We’ll reply within 2 hours.