Unpaid Back Taxes in New York City

& Finding a Tax Lawyer for Unpaid Back Taxes

If you don’t pay your taxes in New York, the Internal Revenue Service (IRS) can come after you for the unpaid amount, plus interest and penalties. This is called a tax lien. The IRS can also seize your assets, including your bank account, property, and wages. If you’re self-employed, the IRS can put a levy on your business. A tax levy is viewed differently from a tax lien because it’s a legal seizure of your assets. 

If you don’t pay your mandatory taxes, the IRS will eventually send you a Notice of Intent to Levy. This is a formal notice that tells you the IRS is going to seize your assets unless you make arrangements to pay your taxes. The IRS will take your assets if you don’t respond to the notice. The best way to avoid any of these scenarios is to pay your taxes when they’re due. However, if you can’t pay all of your taxes, there are ways to negotiate payment options with the IRS. For example, you can also request an offer in compromise, which is a legal agreement to settle your debt for less than what you owe.

How To Find Out if You Owe Any Back Taxes

The first step in finding out if you owe any back taxes is to request a transcript of your New York tax return from the IRS. This transcript will show any taxes you owe and any payments you have made. If you find that you do owe back taxes, you will need to contact the IRS by phone, email, or online to arrange for payment. The IRS will work with you to create a structured payment plan that fits your budget. If you cannot pay everything owed, you may be able to negotiate a reduced amount. However, it is important to remember that failing to pay your taxes can result in severe penalties, so it is always best to try to reach an agreement with the IRS.

What To Do if You Owe Back Taxes

Facing a tax debt can be daunting, but taking action as soon as possible is important. The IRS has many tools at its disposal to collect unpaid taxes, including wage garnishment and asset seizure. However, there are also options available for taxpayers struggling to pay their debts. For example, the IRS offers payment plans that allow taxpayers to make monthly installments on their debts. Several programs are available that can help reduce the amount of taxes owed. In some cases, taxpayers may even be eligible for complete forgiveness of their debts. By taking action and exploring all of your options, you can find a solution that works for you and resolve your outstanding tax debt.

How Can an Attorney Help Me With Back Taxes?

You may feel overwhelmed and stressed if you’re behind on your taxes. After all, the IRS is not a forgiving creditor, but an experienced tax attorney can help you get back on track.

Your first step is to contact a tax attorney to discuss your options. They can tell you what types of payment plans or programs you may be eligible for. In some cases, the attorney may even be able to negotiate with the IRS on your behalf to reduce the amount you owe. The key is to act quickly. The longer you wait, the more penalties and interest will accrue, making your debt even more difficult to pay off.

Some other creative solutions your attorney may suggest include:

  • Offer in compromise. This is an agreement between you and the IRS to settle your New York tax debt for a lesser amount than the original. To qualify, you must prove that you are unable to pay the full amount and that paying anything would create financial hardship.
  • Installment agreement. This enables you to make monthly payments on your tax debt. The IRS will collaborate with you and your New York attorney to create a payment plan that is affordable for you.
  • Bankruptcy. In some cases, bankruptcy may be the best option for resolving your tax debt. This is a last resort option, and you should speak with an attorney to see if it is right for you.

Delia Law Can Help With Back Taxes in New York

Back taxes can be a major burden for any individual or business. Not only can the amount owed be sizeable, but the interest and penalties can add up quickly, making it difficult to catch up. Fortunately, Delia Law can help. We specialize in tax law, and we have a team of experienced professionals to help you resolve your back tax debt. We will work with you to determine the best way to pay off your debt, and we will negotiate with the IRS on your behalf. 

We understand the complex rules and regulations surrounding taxes, and we will ensure you comply with all regulations. If you are struggling with back taxes, contact Delia Law. We can help you get your finances back on track.

New York-Specific Tax Laws

New York residents are required to pay taxes on income that was earned as well as for federal taxes. In fact, some people who don’t even live in New York must pay state taxes. If you lived elsewhere but acquired the money through a source in New York, you must pay state taxes on that income.

There are four main types of taxes in New York:

  • State income tax. New York State has a graduated income state tax, which means your tax rate increases as your income increases. The state’s tax rates range from 4% to 10.90%. For example, if you make under $8,500 annually, you will only be subjected to a 4% tax rate. However, if you make $25,000,001 and over, you are now facing the higher end of the state’s tax bracket at 10.90%.
  • Local tax. The local tax is a county-specific tax, and the rates also differ based on income. For example, in Tompkins County, the local tax rate is 4%. In contrast, in Suffolk County, the rate is 4.25%. The variation in local tax rates can make a significant difference in the overall amount of taxes you owe.
  • City tax. City taxes are only applicable to those who live or have earned money in New York City. This applies to individuals, trusts, estates, partnerships, S-corporations, and corporations. The city tax rate is 3.078%, 3.762%, 3,819%, and 3.876% depending on the bracket your income qualifies for.
  • Corporate tax. If you are a business owner, you are also required to pay corporate income tax. The tax rate on your corporate income ranges from 6.50% to 7.25%. These taxes generated from businesses is one of the main sources of revenue for the state of New York, and it helps to fund many of the state’s programs and services that benefit its residents.

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