New York State is on a mission – Pay your taxes (plus up to 16% interest) or they’ll put you out of business!
Q. But if you close me down, how will I be able to repay my debt?
A. Pay your taxes (plus up to 16% interest) or we’ll put you out of business!
Q. But if you close me down, what will happen to my employees?
A. Not our problem – you should have thought about that before!
Q. But it wasn’t my fault – I’ve already paid the underlying debt – how can I owe more today than when I first started?
A. Not my problem – you owe the State and that’s that!
The Ugly Truth: The State won’t usually close you down directly – rather, they’ll simply take all of your money and cause you to default on all of your payments – this way, the Bank and your creditors get to do the dirty work (you might even get divorced). And when everything is said and done, you’ll still owe the State - and as a little reminder of this catastrophic failure, you’ll have a whopping judgment following you around for the next 20 years.
Unfortunately, many of these “judgments” aren’t worth the paper they’re printed on. For example, the NY Department of Labor recently slapped a small restaurant with a $107,000 penalty. The result - the restaurant must close its doors and their employees are out of work and out on the street. In this and many other cases, the “debt” will never be repaid. Accordingly, the State is carrying worthless receivables around as if they’re real assets, without any possibility of collecting. Moreover, irrespective of the claims, the State doesn’t like to compromise its liabilities (worthless or otherwise).
FYI Disgruntled former employees claiming to have been paid beneath the minimum wage, regularly target restaurant-owners by filing complaints with the Department of Labor. Astonishingly, in many of these cases, the claimant is lying but gets away with it all the same. The solution – keep good records and stop paying these future claimants in cash.
But wait there's more - The New York State Department of Taxation and Finance is sending drivers license suspension notices to delinquent taxpayers. These notices are being sent to individuals for unpaid income taxes and to businesses that owe sales taxes.
Thankfully, Help is just a telephone call away - If you owe income or sales taxes, you need to be represented by an Aggressive, Effective Advocate. Call Selig and Associates today to schedule a Free Consultation.
Attention Business Owners and Entrepreneurs
If you’re launching a new start-up, or growing or expanding your existing business, Selig & Associates, Inc., recommends the superlative services of Attorney Craig Delsack.
Attorney Delsack provides practical and cost-effective “white-shoe big law firm” legal and business advice to startups, small and large businesses and individuals. Contact Attorney Delsack directly – there’s no fee or obligation for an initial telephone consultation.
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