According to an article in the New York Post, the IRS has about 70,000 liens open against businesses in the New York area. Information from public records show that there is a range of amounts owed; the highest amount to be paid is $92.3 off, while the lowest is 15 cents.
The group of businesses with tax liens is as diverse as the amounts owed. The list includes a top surgeon’s medical practice, a top lobbying firm, and a designer house that has outfitted the First Lady.
The records, obtained through a request made under the Freedom of Information act, shows that these outstanding liens are a problem for both the IRS and the business under lien. There are debts that are unlikely to ever be paid to the IRS, including one amounting to $12.7 million dollars belonging to the now-defunct Pan Am Airline. Knatten, the entity that holds the dubious honor of holding one of the largest tax liens in the country, is also out of business.
Not even powerful lobbying firms are exempt from the list. Patricia Lynch Associates owes $1.3 million dollars in back business taxes. The powerhouse owes $500,000, a fine from the attorney general, for the business it conducted with former Comptroller Alan Hevesi. ‘
The list of business with tax liens is long. For those of you with tax liens, contact a trustworthy tax professional to get the issue resolved.
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