New York State Tax Resolution2017-04-18T13:14:24+00:00

New York State Tax Resolution


If you live in New York and you are having problems with either the Internal Revenue Service or the New York State Department of Taxation and Finance because of either delinquent personal income taxes or unpaid business payroll taxes and withholding tax, contact us today. At the Tax Resolution Institute, our tax resolution experts, both experienced CPAs and talented tax attorneys, have experience in solving the most challenging tax debt problems that have arisen in New York. Given the recent recession and the vast changes in the financial markets, TRI understands the tax challenges you face, and we have solutions to keep you afloat and your doors open.

Since the fallout from the Wall Street crisis in 2008 that affected not only Manhattan, but also the entire state, New York has been struggling to regain its foothold as the economic engine of the American economy. As a result, the New York State Department of Taxation and Finance has been going after the wealthiest taxpayers in New York with a vengeance.

About New York State Tax Resolution

The state has enacted two new temporary income tax rates in its 2010 budget levied on the highest-income filers. For households with taxable income above $500,000, the tax rate rose to 8.97 percent from 6.85 percent. For individuals with taxable income below $500,000 but above $200,000, the rate increases to 7.85 percent from 6.85 percent.

Recently, the New York itemized deduction has been revised to further limit a taxpayer’s deduction if your New York adjusted gross income exceeds $10 million. In addition, even if you are eligible to claim tax credits, a temporary deferral of certain credits is now required when the total amount exceeds $2 million. As a result, a number of wealthy taxpayers have found themselves in a bind because previous deductions and credits no longer apply to them. If this has happened to you and you have high income tax debt, we can help you find New York State tax resolution.

New York’s terminology for collection sanctions taken by the state tax warrant is more extreme than other states. A Tax Warrant is a legal action taken against a taxpayer that creates a lien against your real and personal property. The Tax Warrant is a public record stating that you owe taxes to New York State. In addition, wage garnishment — the traditional term for having an employer send wages directly to the government to cover a delinquent tax bill — is actually called income execution by the New York State Department of Taxation and Finance. The word “execution” provides a sense of how serious New York State tax problems can be and why you need real help.

In terms of payroll and withholding taxes, New York State expects greater timeliness and efficiency from bigger companies paying more taxes. For example, if your company was required to withhold $15,000 or more, you have three business days to file. If you were required to withhold less than $15,000, you have five business days.

In addition, if your company fails to cover the withholding amount for your employees, New York State mirrors the serious intent of the IRS. They will come after your business and your company will be severely penalized. If you are have delinquent payroll tax debt with the IRS and/or the New York State Department of Taxation and Finance, contact us today so we can keep your doors open.

The Tax Resolution Institute has both the experience and the expertise you need to address your New York State tax debt problems. Contact us today! 818-704-1443

We serve the 5 boroughs of New York: The Bronx, Brooklyn, Manhattan, Queens and Staten Island.

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