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I have a nys tax lien for $24,275. My Installment agreement…

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I have a nys...

I have a nys tax lien for $24,275. My Installment agreement I made starts 12/15/16 in which I will be paying $100 a month for 6 months then goes to $450 a month. The Installment agreement shows there are no taxes due just penalty and interest for periods 9/30/01 and 6/30/01. This was for an old business so I believe this is for the trust account if that is correct. My question is there anyway to make this go away. I understand offer & compromise but my wife makes to much money and don't want her involved. I currently own a small insurance company which I started 10 months ago.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No. but I imagine he will have more questions

Submitted: 1 year ago.Category: Tax
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Answered in 9 minutes by:
12/7/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,085
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from Just Answer. I'm PDtax, and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

I can suggest a number of ways to reduce or settle the tax debt.

I suggest a phone call to discuss my suggestions privately.

I'll make that offer.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
I made an offer two days ago to assist with a detailed explanation of techniques and arguments that could reduce or eliminate some of these debts. If I don't hear back by Saturday, I will assume you aren't interested.PDtax
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Tax Professional: Megan C, Certified Public Accountant (CPA) replied 1 year ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,606
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

If these are trust fund taxes, ie old taxes that are related to employment taxes that were withheld from employee checks, they are not going to be forgiven because the funds were collected from the employee and failed to be remitted to the government. If it is an income tax, there are more things that you can do.

Please let me know if you need anything additional. If not, please rate positive.

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