The Allmand Law Firm, PLLC Difference

Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

New Horizon's Tax Debt

Posted By admin || 26-Apr-2012

New Horizon's Tax Debt

Deputy Tax Collector Shirley Boyce reported that Cummings Solomon and her company New Horizons Capital Investments owe a tax of $46,000 to the town of Norway on the 12 properties that she owned during the tax year 2010-11. Out of the total amount of $45,998, $36,097 tax is due on currently owned New Horizons Capital Investments properties; $2,427 tax on a commercial building that was sold in Sept. 2010; $2,994 on one parcel under the name of Dawn Cummings Solomon; and $4,480 on three parcels under the name of Dawn Cummings. Solomon, the wife of co-principal of New Horizons Capital Investments Harvey Solomon, was charged for the embezzlement of $4 million of the states money through her Living Independence Network Corp. She will be sentenced in Oxford County Superior Court on February 18. If the taxes are not paid before next September, the town will obtain a legal claim on the properties and eighteen months later, legal proceedings on each property will be initiated.

The raid on the 180 Main St. property by state and federal agents was followed by sending a tax bill of $2,427.10 to the New Horizons Capital Investments Corp for payment. Later, the Mechanics Savings Bank of Lewiston placed and sold this property on a foreclosure auction for mortgage conditions violated by New Horizons Capital Investments on Oct. 22. Although the property was sold, Boyce said, that since New Horizons Capital Investments was the owner on record the time the tax bill was generated, the liability of the tax bill also lies on it.

Similarly, she said that the next bill will be generated in September and in the name of the person who owns it at that time. If the old owner doesn't pay the tax, the new owner has to come forward to pay it off and if they don't, the property can be subjected to a lien. Negotiation between the owner and the town then takes place in an attempt to retrieve the tax bill and give the title back to the owner; however, if it doesn't work out, the property is put on sale so as the sale revenue can reimburse the unpaid tax bill.

Besides the Norway properties, New Horizons Capital Investment Corp also owns property in Harrison. The tax debt they owe on this property is $10,000 as well as interest accrued. Moreover, the company is also obliged to pay $1,575 plus interest on two apartment buildings in Paris. Five Norway properties are up for sale currently and according to Solomon's attorney, the Portland Maine Attorney General's Office is notified of property sales; however, there are no property sale restrictions currently being placed.

Categories: Debt and Tax Relief
Blog Home