Settle Your NY State Tax Debt

Offers in Compromise

New York State offers an Offer in Compromise program, just like the IRS. However, New York State’s program follows its own guidelines and is not as formulaic as the federal program.

NY State’s Offer in Compromise program allows qualifying taxpayers the opportunity to put overwhelming tax debt behind them by settling that debt for a reasonable amount.

More specifically, New York’s Department of Taxation & Finance will consider Offers in Compromise from:

  • Individuals and businesses that are insolvent or bankrupt, OR
  • Individuals who are not insolvent or bankrupt, when payment in full would create undue economic hardship.  (Only individuals may apply for relief based on undue economic hardship. This may include relief from business debts for which an individual is personally responsible.)

New York analyzes each application to ensure that every taxpayer seeking relief receives full consideration.  However, only those applicants meeting specific parameters will receive hardship relief, and NY will use their discretion to deny any application that isn’t in the best interests of other taxpayers or the State.

For more information on how the process works and how Graham & Borgese can help you, please fill out the contact form on this page.