NYC Tax Advocates

My photo
Specializing in IRS and NYS Tax Representation. Workers Compensation Audits, Payroll, Sales and Income Tax representation for Businesses, Individuals, Restaurants and Construction Companies. Civil and Criminal Workers Comp Audit representation includes: NYSIF Examinations, Premium Disputes, Employee Misclassification, Underreporting, Unreported Income, and Failure to Keep Accurate Payroll Records.

Friday, April 24, 2020

COVID-19 Corporate Debt Restructuring vs. Bankruptcy


Corporate debt restructuring a/k/a "business debt restructuring" may be preferable to bankruptcy, as explained in Investopedia, which says: Bankruptcy costs thousands of dollars for small businesses and many times that for large corporations [and] Only a fraction of companies that seek protection from their creditors via a Chapter 11 filing emerge intact, partly due to a shift in 2005 to a regime that favored meeting financial obligations over keeping companies intact via legal protection.

FYI The greatest cost of corporate debt restructuring is the time, effort, and money spent negotiating the terms with creditors, banks, vendors, and authorities. The process can take several months and entail multiple meetings. For more information about business debt restructuring and how to avoid the tax consequences associated with “Debt Forgiveness” viz. form 1099-C Debt Cancellation, call Selig & Associates  directly at (212) 974-3435 

Restaurants and Small Businesses If you are interested in protecting your Business, inventory and assets from the IRS and other Creditors call Selig & Associates today. We restructure corporations, compromise certain debts, legally reduce business taxes, and streamline ongoing operations. Additionally, if your Business requires Financial Assistance from the SBA call (212) 974-3435 or email Attorney Dorin directly at Bdorin@truetaxhelp.

Proven Results Selig & Associates specializes in unpaid Income, Sales and Payroll taxes. Practicing before the Internal Revenue Service and New York State Department of Taxation and Finance. We negotiate excellent Payment Plans, Garnishment and Levy Release, Offers in Compromise and most other tax matters. 

Aggressive Representation Selig & Associates also represents Construction Companies with commercial insurance issues. Insurance representation includes NYSIF Premium Assessments, Workers Compensation and Liability Audits. We specialize in Employee Misclassification, Unreported Income, Application Fraud, Experience Rating and other W/C violations.  Call (212) 974-3435 or contact us Online.

Fast and Dependable Don’t be fooled by out of state companies. Selig & Associates is conveniently located in New York City and easily accessible by train, subway or automobile. To consult with an experienced Attorney, Federal Tax Practitioner and CPCU call Selig & Associates today. 

Free Consultation Legally Privileged Consultations and Case Evaluations are available Monday through Friday. Call (212) 974-3435 or contact us Online.


Wednesday, April 22, 2020

IF YOUR BUSINESS OWES OVER $200K IN UNPAID TAXES – SELIG & ASSOCIATES CAN HELP



Selig & Associates is taking advantage of the COVID-19 crisis to avoid and defeat taxes. For years the New York State Department of Taxation and Finance has harassed and abused small businesses without the slightest bit of resistance, says David Selig of Selig & Associates

“Restaurants and bodegas have been an easy target for New York’s overly aggressive Enforcement Agents”

But when they locked down the City and crashed our economy, we saw a tremendous opportunity to “help small business-owners get out from under”. Accordingly, we devised and are implementing a bulletproof strategy that allows small businesses to legally avoid their tax debts. To this end, we are restructuring corporations and helping business-owners walk away from enforceable debts. 

“I don’t hate to say it says Selig, but the shelter-in-place orders, and our strategic tax planning, have given a lot of small business-owners a second chance”


Sunday, April 12, 2020

Understanding SBA Loans



SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.
o  7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.
o  Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.
o  Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.
o  504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.
o  Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

If your Business requires Financial Assistance from the SBA, or you are interested in Protecting Assets from the IRS and other Creditors, call (212) 974-3435 or email Attorney Dorin directly at Bdorin@truetaxhelp. For additional SBA information, please visit our Financial Assistance page

At Selig & Associates, we specialize in unpaid Income, Sales and Payroll taxes. Practicing before the Internal Revenue Service and New York State Department of Taxation and Finance. We negotiate excellent Payment Plans, Garnishment and Levy Release, Offers in Compromise, and most other tax matters

Selig & Associates also represents Construction Companies with commercial insurance issues. Insurance representation includes NYSIF Premium Assessments, Workers Compensation and Liability Audits. We specialize in Employee Misclassification, Unreported Income, Application Fraud, Experience Rating and other W/C violations. 

Consult with an experienced Federal Tax Practitioner, CPCU and Attorney today. Call Selig & Associates directly at (212) 974-3435 or contact us Online.



Thursday, April 9, 2020

Selig & Associates Can Get Your Business The Money It Needs



Selig & Associates Gets You The Money You Need

If your Business requires Financial Assistance, and you are interested in protecting your assets from the IRS and other creditors call (212) 974-3435 or contact Attorney Bradley Dorin directly at Bdorin@truetaxhelp

Discuss your Tax, Financial & Insurance Problems with an Attorney, Federal Tax Practitioner & CPCU 



Free Legally Privileged Consultations Available Monday through Friday


The Economic Injury Disaster Loan can provide you with up to 2 Million Dollars of financial assistance, and is available to small businesses, independent contractors, sole proprietors, nonprofits, and other businesses with less than 500 employees. This loan can be used for working capital, refinancing debt, payroll, rent, overhead, etc.  There are no upfront loan fees or prepayment penalties. Applicants must demonstrate need and collateral. For immediate assistance call (212) 974-3435.

The Paycheck Protection Program (PPP) allows eligible borrowers to obtain a loan to cover payroll, rent, mortgage interest, and utilities paid during the covered period, viz. February 15, 2020 - June 30, 2020.  In some cases, the Federal Government will pay up to 100% of the loan if the borrower uses the loan proceeds as directed. *Other financial programs are also available. For more information call (212) 974-3435 directly.  

Question 
How much is this going to cost and how does Selig & Associates get paid?

Answer
Our fee is only 1% of the loan (or less) and the lender pays us directly. 

Question 
Is Loan Forgiveness taxable? 

Answer 
No. Forgiven loans under the Paycheck Protection Program are excluded from gross income and are not taxable.

Additional information can be found at SBA Disaster Loan Assistance, or by calling the SBA Disaster Assistance Customer Service Center at: (800) 659-2955 or via email at: emaildisastercustomerservice@sba.gov

Selig & Associates We specialize in unpaid Income, Sales and Payroll taxes. We negotiate excellent Payment Plans, Wage Garnishment and Bank Levy release, Offers in Compromise, and most other tax matters. Missing  Tax Returns prepared and filed. For immediate assistance call (212) 974-3435.

COVID-19 Corporate Debt Restructuring vs. Bankruptcy

Corporate debt restructuring  a/k/a  "business debt restructuring" may be preferable to bankruptcy, as explained in Investopedi...