IRS hits Saratoga & North Creek Railway, Iowa Pacific Holdings LLC with $1.3 million tax lien

[Bob]

QUEENSBURY — The Internal Revenue Service has filed a $1.3 million lien against Saratoga & North Creek Railway for unpaid federal income taxes for 2013-15, the biggest debt among a number of tax problems the shuttered company has locally and federally.

The lien was filed in the Warren County clerk’s office last month, alleging SNCR and its parent company Iowa Pacific Holdings LLC owe $1,357,341 in federal income taxes to the IRS. SNCR shut its local operations early last month amid mounting financial issues.

Full story here:

https://poststar.com/news/local/irs...cle_0706e902-3416-511a-873e-680212d316d4.html

 

[Bob]

This isn't the first time they've had tax problems, nor is it the only property with financial issues. There have been quite a few problems over the last few years, and somehow they've always managed to survive. However, an IRS Tax Lien isn't something you can ignore, and this will be a real challenge for the Iowa Pacific operation. I'm not sure if they'll survive.