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Bankruptcy likely for nonprofit that owes IRS money

A nonprofit organization based in Manchester is slated to file for bankruptcy protection, according to a recent news report. The nonprofit, known as Serenity Place, is well behind on tax payments to the Internal Revenue Service (IRS). The nonprofit was known for providing drug-abuse treatment services in an effort to fight the opioid crisis in the state.

According to records, the nonprofit had revenues of $1.9 million and $151,000 in its bank account as of June 2016. By the time the organization's financial situation collapsed in December 2017, there was just $8,600 in its checking account. The organization owes $182,600 alone to the IRS and leaders of Serenity Place are worried that if they don't file for bankruptcy, they will be required to pay the IRS out of their personal accounts.

Serenity Place owes the following amounts to the following entities:

  • Tradesmen are owed $153,700
  • The city of Manchester is owed $10,000
  • Eastern Bank is owed $100,000 for a line of credit it issued Serenity Place
  • The state is owed $180,000 for a loan given to Serenity Place in December for back wages

Approval was obtained by the leadership of Serenity Place earlier in 2018 that would allow for the dismantling of the organization. Once that is complete, it would see its programs get divided and handed over to similar agencies that are also nonprofits.

Bankruptcy is an option for individuals and businesses that have too much debt or owe the IRS too much money. These situations are best solved by filing for bankruptcy with the help of an experienced bankruptcy attorney in the state of New Hampshire.

Source: New Hampshire Union Leader, "Serenity Place and IRS: Bankruptcy likely," Feb. 04, 2018

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