New Suit - Contract

Case: Hyper SLS Ltd dba Hyper Tech Z et al v. T1 Payments, LLC
 2:22-cv-01517

Court: U.S., District of Nevada

Summary: Fintech provider T1 Payments was hit with a breach-of-contract lawsuit Tuesday in Nevada District Court. The suit was filed by Gordon Rees Scully Mansukhani and Curtis, Mallet-Prevost, Colt & Mosle on behalf of Hyper Tech Z and other e-commerce electronics sellers accusing T1 of unlawfully withholding over $800,000 after unilaterally terminating their merchant agreements. The case is 2:22-cv-01517, Hyper SLS Ltd dba Hyper Tech Z et al v. T1 Payments, LLC.

09/13/2022

I owe approximately $260,000 in taxes. I hired a tax resolution firm in 2021 and was set up on an installment agreement at $1,500 a month for the first year, with an increase to $3,500 a month thereafter. Due to COVID and other issues, I contacted the IRS directly and negotiated a payment of $800 a month for one year, after which it would increase back to $3,500 a month.

Due to economic difficulties with my business, I contacted the IRS again to negotiate the payment back to $1,500 a month. The agent took all my information and told me to make a payment of $30,000, and then the monthly payment would be reduced to $1,500. I was waiting for confirmation since I submitted a lot of documents and wanted to be sure I was approved before submitting the $30,000. 

Not receiving any confirmation, I contacted the IRS and was told my installment agreement was canceled because I missed a $3,500 payment on May 1st, which was apparently rejected by my bank. When I asked what it would take to reinstate the agreement, they told me their calculations show the amount would be $3,600 a month. On July 1, they debited my account for $3,500.

I'm hoping to have the last verbal agreement reinstated, with the $30,000 one-time payment and then $1,500 a month for life. I cannot afford $3,500 a month indefinitely, and if I have no other choice, I will most likely need to consider filing for Chapter 11. I have approximately $200,000 to my name, with $50,000 in credit card debt and two loans totaling approximately $100,000.