owe 2003 new york state tax

[gjb_]

Does it the State of NY offer in compromise? I owe $5319 I don't have that money. gjb

 

[Michael Wechsler]

Originally posted by gjb
Does it the State of NY offer in compromise? I owe $5319 I don't have that money. gjb

Yes, you might wish to file a New York State Offer in Compromise. If it is accepted, your tax liability will be reduced. In order for such an offer to have a likelihood of acceptance you must explain how you do not have sufficient assets or income to satisfy the liabilities in full and are unlikely to have the ability to do so in the future. Just make sure that all of your assessed liabilities are included in your Offer. Additionally, you must remain in compliance with all tax laws for five years and if you don't then the full amount will be due once again.