Help from the IRS for individuals and small businesses struggling to meet their tax obligations
On February 24, 2011, the Internal Revenue Service Commissioner announced an initiative to help people get a fresh start with their tax liabilities. The initiative centers on changes to IRS collection practices that will lessen the negative impact on taxpayers. The changes include:
- Adjustments to IRS Lien Policies
- Significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens
- Making it easier for taxpayers to obtain lien withdrawals after paying a tax bill
- Withdrawing liens in most cases where a taxpayer enters into a Direct Debit Installment Agreement
- Creating easier access to Installment Agreements for more struggling small businesses
- Expanding the streamlined Offer in Compromise program to cover more taxpayers
References/Related Topics
- The full text of the IRS Commissioner’s announcement is available at the IRS Newsroom.
- IRS Begins Tax Season 2009 with Steps to Help Financially Distressed Taxpayers; Promotes Credits, e-File Options (IR-2009-2)
- IRS Speeds Lien Relief for Homeowners Trying to Refinance, Sell (IR-2008-141)
Source: http://www.irs.gov/businesses/small/article/0,,id=239094,00.html
