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New York State Revises Program for Americans Facing Tax Debt

September 26th

This week, the New York State Department of Taxation and Finance announced its intentions to reform their tax administration system. Specifically, the Department of Taxation has instituted new eligibility requirements to qualify for special consideration due to extreme economic hardship. With the new guidelines, the state will be able to offer more favorable terms for taxpayers to settle tax debt.


More Taxpayers Considered for an Offer in Compromise

Most notably, these revised guidelines will be added to New York State’s Offer in Compromise program, allowing more people to qualify for aid. Before these changes were made, only those taxpayers who were unable to pay their back taxes due to insolvency or debt were admitted to the Offer in Compromise program. Now  other struggling taxpayers may be considered for admission to this method of settling tax debt. In particular, the new guidelines allow for the consideration of taxpayers suffering due to extraordinary individual or family health care costs or unemployment.

The changes also include a fixed 20-year statute of limitations on tax delinquency. As the system currently stands, collection rates for unpaid taxes decrease significantly over time, with debts over twenty years old rarely collected. This revised system ought to save the taxpayers money by redirecting state resources away from fruitless endeavors

Taxpayers in the state of New York who are interested in further information on the Offer in Compromise program should visit the website of the Department of Taxation and Finance or consult with a qualified tax lawyer.


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