New York businesses tax liens in IRS around 70,000
According to the Internal Revenue Service (IRS) database, several businesses in New York owe a staggering total of $92.3 million worth of tax liens. These open liens have been around for several years, and it looks like the Internal Revenue System is almost never going to get that money back. A lien, in terms of law, is a public notice attached to property or businesses, letting the world know that you owe some money to a creditor.
At the current economic situation, a lien is almost a necessity in order to get assurance that a debt will be paid. Some of the companies that are under the radar of the IRS include big ticket names such as the Pan Am Airlines, owing it around $12.7 million.
The liens range from the biggest debt to be $92.3 million by a Manhattan company named Knatten Inc., to the smallest amount owed by the Expo Design Center in Ozone Park, which is a mere 15 cents. Some of the companies insist that they have already settled their dues to the IRS. This includes a former touring company of a country singer, which owes $150,115.85. Another is a New York fashion designer who even styled the First Lady Michelle Obama, who owes $67,883.
Some of the businesses that still owes the IRS have closed out, some are even dissolved, like Cynthia Rowley Inc., which still has an open lien amounting to $64,245 as stated in the records.
Categories: Federal Tax, Income Tax, Tax Evasion, Tax Law Tags: corporate tax, federal income tax, federal tax, federal tax fraud, income tax, tax code, tax evasion, tax fraud, tax law
November spells end of term for Shulman
The United States Commissioner for Internal Revenue Douglas “Doug” Shulman will step down from his position at the IRS on the last day of his term, which is on the 9th of November this year. Having served since his nomination back in March of 2008, the 47th IRS Commissioner has made plans to step down at this point in time. According to law, an IRS Commissioner who is nominated by the United States President, and consequently confirmed by the United Stated Senate, can serve a term of up to 5 years, ending on the 12th of November on their last term year. In Shulman’s case, since November 12 has been declared a federal holiday, his last day of work will be on November 9.
Before serving the country through the IRS, he began his career at a consulting firm in New York. Shulman has formerly held some very important positions in the country’s top institutions as well. He is a former Chairman for FINRA (Financial Industry Regulatory Authority – NASD) and a former board member of the DTCC (Depository Trust and Clearing Corporation).
While in NASD, he led numerous efforts toward modernizing NASD’s technology systems in order to optimize its functions. He also launched NASD’s TRACE (Trade Reporting and Compliance Engine) which served as NASD’s regulatory and informational system for real-time corporate bonds. One of his most notable accomplishments was having successfully negotiated the sale of the American Stock Exchange as well as the NASDAQ Stock Market.
Categories: Federal Tax, State Tax, Tax Law Tags: federal income tax, federal tax, IRS