New York State Tax Debts Surpass $17 Million for Top Individuals

News Summary

The New York State Department of Taxation and Finance has revealed that the top 25 individual tax debts exceed $17 million each, with the highest at $241 million. Most debts are concentrated in downstate areas, particularly near New York City, highlighting ongoing issues with tax compliance. Notably, some debts relate to sales and use taxes, and the state regularly publishes lists of delinquent taxpayers. The persistence of these substantial debts raises concerns about the effectiveness of tax collection efforts in the state.

New York – The New York State Department of Taxation and Finance has reported that the top 25 individual tax debts in the state have surpassed $17 million each, with the largest debt amounting to an astonishing $241 million. This debt is owed by Katheline M. Pierre III, a resident of Kings County (Brooklyn), and is related solely to personal income taxes that have remained unpaid since at least 2019.

In total, the average debt among the top 25 individuals stands at over $17 million. Most of these significant tax debts are concentrated in downstate New York, particularly in areas close to New York City. Notably, while some debts originated from counties outside the city, they still have connections to the New York City region, emphasizing the financial challenges present in urban areas.

The third-largest tax debt on the list belongs to Michael Silverstein, a car dealer based in Long Island City, who owes over $19 million in sales and use taxes. Silverstein’s financial troubles are not new, as he was previously arrested in 2010 for alleged theft of sales tax, indicating a long-standing issue with tax compliance.

The Department of Taxation and Finance regularly updates and publishes a list of the 100 most delinquent taxpayers, which includes both individuals and businesses. The most recent data was made available in early June and is current as of May, highlighting persistent tax issues in the state.

Notably, the latest list reveals that there are no tax debts originating from Onondaga County or any of its surrounding counties. The tax debts listed comprise various types of taxes, such as personal income taxes and sales taxes that businesses have failed to remit. It is important to note that the reported amounts reflect the debts at the time tax warrants were filed and do not account for any additional interest or penalties that may have accrued since then. Therefore, the actual amounts owed could be significantly higher.

Taxpayers who wish to contest a warrant, request a review of their case, or those who have filed for bankruptcy are not included on this list. Additionally, businesses typically remain on the list until all outstanding warrants are fully settled. It is worth considering that many of the debts displayed may have accumulated over multiple years, further complicating the financial situations of those involved.

The persistence of such substantial tax debts in New York highlights ongoing challenges within the state’s tax collection processes and the financial responsibilities of its residents. With stringent measures in place to address delinquent taxpayers, it is essential for individuals and businesses alike to remain vigilant in their tax obligations to avoid falling into similar situations.

The New York State Department of Taxation and Finance aims to bring transparency to its tax collection efforts by publishing this information, serving both as a reminder of the importance of tax compliance and an effort to recoup lost revenue for the state. As awareness of these debts grows, the implications for those listed and for the state’s finances continue to unfold.

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