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.

NYS Tax Dept Seizes 336 Cartons of Cigarettes from 2 Brooklyn Delis (Are Yemenites being Targeted?)

The New York State Department of Taxation and Finance announced it seized more than 336 cartons of untaxed cigarettes following two store inspections in Brooklyn. Tax Department investigators conducted “routine inspections” in Brooklyn at S&O Star Deli Corp, 6602 Bay Parkway, and A&B Food Corp, 7402 17th Avenue, on December 3^rd 2019. They found a combined total of 336.8 cartons of cigarettes bearing counterfeit New York State and New York City tax stamps, as well as ones with stamps from Connecticut, Georgia, and Virginia. “Business owners who evade the tax on cigarette and tobacco products or other sales put honest merchants at a competitive disadvantage and deprive their communities of revenue used to fund vital services,” said New York State Commissioner of Taxation and Finance Michael Schmidt. “We’ll continue to conduct these inspections and work with our law enforcement partners to ensure a level playing field for all.” The owner of A&B Food Corp, Abul Islam, 59, was arrested and charged with multiple felonies, including possession of a forged instrument, attempt to evade cigarette tax on 10,000 or more cigarettes, and possession for sale of counterfeit-stamped cigarettes. More than 96 cartons of illicit cigarettes were seized from his store. The owner of S&O Star Deli Corp, Salah Aizah, 53, was arrested and charged with multiple felonies, including possession of a forged instrument, possession for sale of 30,000 or more cigarettes, and possession for sale of counterfeit-stamped cigarettes. More than 240 cartons of cigarettes with counterfeit and out-of-state tax stamps were seized from the store. In addition to the criminal charges, the defendants each face fines of up to $600 per carton seized, which would total more than $144,000 for Salah Aizah and more than $57,600 for Abdul Islam. The Kings County District Attorney’s Office is prosecuting the cases. A criminal complaint is only an accusation; the defendant is presumed innocent until proven guilty.

Tax Representation, Consulting and Strategic Tax Planning

(212) 974-3435

Free Consultation: Federal Tax Practitioner, CPCU and Attorney. Practicing before the Internal Revenue Service and the New York State Department of Taxation and Finance. We provide our Clients with successful Tax Representation and Tax Planning services. Legally privileged consultations available Tuesday through Friday in our New York City offices. 

Tax Advisors: Our strategic Tax Planning and advisory services are designed to help Business Owners protect their assets and significantly reduce their income tax liability in 2020. To schedule a Free Consultation call (212) 974-3435 or contact us online.

Tax Representation: Specializing in unpaid Income, Sales and Payroll taxes. We negotiate excellent Payment Plans, Audits, Offers in Compromise, and all other tax matters. Expedited service. Missing Tax Returns prepared and filed within 48 hours, guaranteed. Proven results. Corporations, S-Corps, LLC’s. For immediate assistance call (212) 974-3435.  

W/C NYSIF Assessments: We help Construction Companies with Workers Compensation Insurance Audits and NYSIF premium disputes, including Employee Misclassification, Unreported Income, Application Fraud, Experience, Rating and all other Workers Compensation Insurance violations. Schedule a Free Consultation today.

(212) 974-3435

Truck Driver Sentenced to Prison for Failing to File Tax Returns

He should have hired Selig & Associates

The owner of a trucking business was sentenced in federal court to 33 months in prison for wire fraud and willfully failing to file a tax return, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division, and Matthew J. Schneider, U.S. Attorney for the Eastern District.

According to court documents, Arshawn Kenard Hall, operated a truck hauling business called RAMA Enterprise Inc. (RAMA). An automobile company hired Hall to transport plastic crates filled with automobile parts.  After transporting the parts, Hall was required to return the empty crates to a facility in Detroit. Instead, Hall took the plastic crates and sold them to a plastic recycling company for approximately $460,000.  The value of the stolen plastic crates to their owner was approximately $2,921,000.

Hall also willfully failed to file a 2012 federal income tax return on behalf of RAMA and failed to pay the taxes due.  The tax loss associated with Hall’s conduct is $142,069.

In addition to the term of imprisonment, U.S. Court Judge Terrence G. Berg ordered Hall to serve three years of supervised release, to pay restitution of $2,919,265 to the automobile company and $142,069 to the Internal Revenue Service (IRS).  Principal Deputy Assistant Attorney General Zuckerman and U.S. Attorney Schneider commended special agents of IRS Criminal Investigation, who conducted the investigation, and Tax Division Trial Attorneys Abigail Burger Chingos and Kenneth C. Vert and Assistant U.S. Attorney Adriana Dydell, who prosecuted the case. 

Aggressive New York City Tax Advocates We Solve IRS and New York State Tax Problems, Guaranteed. Specializing in Income, Payroll and Sales Tax Issues. IRS Audits, Sales Tax Audits, Unpaid Payroll Taxes, Trust Fund Penalties, Criminal Tax Investigations and Tax Crimes, Installment Agreements and Payment Plans, Offers in Compromise and most other Tax Matters. For a Legally Privileged Consultation with a Federal Tax Practitioner and Licensed Attorney Call (212) 974-3435 or Contact Us Online. 

Income, Payroll and Sales Taxes. 

Suspended Passport and Drivers License. 

Missing Tax Returns Prepared and Filed within 48 Hours. 

IRS Liens, Levies and Wage Garnishments. 

NYS Tax Warrants. 

Income and Sales Tax Audits. 

Payroll and Trust Fund Recovery Penalties. 

Criminal Investigations and Tax Crimes including Tax Evasion. 

Offers in Compromise and all other Tax Matters. 

We Negotiate Excellent Installment Agreements and Monthly Payment Plans. 

Money Money Money

In a nutshell, a Merchant Cash Advance is financing based upon your businesses future credit card receivables. Merchant financing is repaid on a daily basis as a percentage of your credit card sales. Accordingly, if your credit card sales are high, your advance is repaid quickly. Conversely, if your credit card sales are low, your repayment is low. Use the money to:

• Buy Inventory 
• Pay Sales Taxes
• Buy Equipment 
• Advertising 
• Short-term capital
• And much, much more. 

Easy Financing

Borrow up to 250% of your monthly credit card sales volume in one lump sum. Use the money to pay your taxes or buy inventory. 

Fast Approval

Apply online or over the phone in minutes, get approved in 24 hours and receive funds one day later.

Flexible Re-Payment Schedule

Payments are based on a percentage of daily credit card sales. Easy-peasy.  

Getting Started

To get started, you’ll need to provide us with four things:

1. A copy of your Government-issued photo ID
2. A voided check from your business checking account
3. The last four statements from your business bank account
4. The last four credit card-processing statements

For more information, call David Selig at (212) 974-3435