17 May Small Railway Faces Million Dollar Lien
For many years, The Saratoga-North Creek Railway has offered scenic and historic railway tours. The railway has operated scenic trips through the Adirondack region in New York State for years. The region has some of the best and most historic attractions in the United States. The region is home to Fort Ticonderoga, a strategic fort during the Revolutionary and French and Indian war as well as beautiful scenic spots like Lake Placid, Whiteface Mountain, and Saranac Lake. The Olympic Sports Complex and Olympic Jumping Complex are both in the Adirondack region of Lake Placid, home to the practice grounds of the United States prized winter athletes.
As instrumental in tourism as the railway has been, it’s no secret that the regional Saratoga-North Creek Railway has been operating at a loss for years. The company has struggled to make enough money to cover its own costs. The parent company of The Saratoga-North Creek Railway, Iowa Pacific, has announced that it will be shutting down and ceasing all operations. Iowa Pacific began operations in 2011, striking a contract to operate on the track with Warren County after the previous railway operator, Upper Hudson Scenic Railroad Co, stopped operations. The Saratoga-North Creek Railway was not only a big source of tourism in the region, but the railway has also left in its wake thousands of dollars in unpaid taxes and fees to three different counties, Essex, Saratoga, and Warren. The parent company is said to have missed lease payments to Warren County and to owe property taxes to multiple counties.
It has been reported that Iowa Pacific owed the Internal Revenue Service up to $1.3 million dollars. To pay the lien, Iowa Pacific has been reportedly considering selling part of its rail lines in New York for five million dollars. The company owns a number of railways that are considered “feeder” and has faced difficulty in revenue and management over the years.
Tax liens, really any problems with the Internal Revenue Service can be a scary and stressful business. If a problem has already occurred, and a punishment already struck down like a lien or to negotiate an IRS tax payment plan, head over to Tax Defense Partners. Tax Defense Partners is one of the best IRS tax relief firms in the nations, certified to work in all fifty states and negotiate for you an IRS payment plan or settlement.