NYC Tax Advocates

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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.

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Brooklyn Tax Preparer Pleads Guilty to Criminal Tax Fraud For Stealing Sales Tax Payments From Clients

  The New York State Department of Taxation and Finance, along with the Brooklyn District Attorney’s Office, announced that Yehad Abdelaziz ...