As a New York State resident it is crucial for you to understand what kind of penalties and interests you can be subjected by New York State Department of Finance to much like the IRS. Much like the IRS, the New York State Department of Finance can aggressively pursue the collection of taxes and can use various collection methods.
If you are not proactive, the collection methods employed by the state much like IRS can be devastating. If you owe back taxes to the state of New York, they can implement a wage garnish. Your employer or manager will be required to withhold 10% of your gross income or 25% of your disposable income and send it to the NY State of Finance until your taxes are paid in full.
If you are unable to pay your taxes along with interest and penalties within 21 days of the final notice and demand being sent, the New York State of Finance will implement a tax warrant. The time frame is 10 days for taxes of $100,000 or more. Once a tax warrant has been issued the state of New York can legally issue a tax levy. Additionally, if you owe back taxes to the state of New York city they revoke your driver’s license.
After a tax warrant has been issued, the state of New York can legally initiate a seizure of all your assets including real estate. We can help you reach an agreement with the state of New York and make sure that you retain all of your assets.
Though the methods and the penalties for delinquent or late taxes for the state of New York is much like those used by IRS, there are several nuances and differences. Our team of tax experts will help you files your state taxes, resolve tax issues and stay on track.