New Yorkers with tax obligations may feel a bit overwhelmed, especially if they are dealing with other forms of debt. However, they are not alone. A surprising group of individuals also face tax liabilities.
Federal employees reportedly owe the Internal Revenue Service more than $3.5 million for the 2011 tax year. More than 311,000 federal workers have tax debts.
The Treasury Department has the lowest percentage of employees who owe back taxes. The Department of Housing and Urban Development has one of the highest percentages of employees who owe money to the IRS.
It should be noted, however, that the number of federal employees who owe back taxes is less than the general population. Of the close to 10 million workers, slightly more than 3 percent owe money to the IRS. More than 8 percent of the general U.S. population owes money in back taxes.
Late last month, we wrote about one man who owes the IRS more than $1.2 million. The man, who happens to be Anna Wintour’s boyfriend, faced financial difficulties as a result of the poor economy. Many other New Yorkers can probably relate.
Some New York City residents may think that their tax obligations will simply be forgotten by the IRS. However, that is highly unlikely. The IRS works diligently to get the money that is owed to them.
Fortunately, New Yorkers who owe money to the IRS may be able to negotiate an alternative solution. An experienced tax law attorney is usually the best person to turn to in order to learn more about those potential solutions.