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.