Product Design & Development published a short article on the State of Louisiana and its problem collecting $1 billion in past due accounts. The article notes that the state treasurer
says the state should start pursuing those debtors more aggressively, noting the money could help Louisiana cope with its deep budget shortfall. However, the division estimates hundreds of millions of dollars would be uncollectable[sic].
If the state of Louisiana, with all of its resources and state enforcement power, can run up $1 billion in 180 day late accounts, how can you, the business owner, expect to collect on your accounts?
I’ve said it before and I’ll say it again, the easiest way to apply leverage to a seriously delinquent account is to bring in the IRS rules regarding debt. The “big guns.” When you use The IRS Advantage you put to work the most fearsome collection agency in the United States.
People may ignore the Great State of Louisiana for 180 days, but when it comes to the United States Internal Revenue Service, most people don’t have the wherewithal to mess with them. if you use the program, and educate your debtor on the ramifications of turning the debt into taxable income, our customers tell us you can expect to see a significant improvement in compliance.
