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Lien On Me: IRS Changes Debt Rules

By Dennis Nelson on March 6, 2011 in Articles, Dennis Nelson CPA, CVA, CFE, Tax
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Dennis Nelson. As a tax partner, Dennis works with both individuals and businesses to minimize their tax liability. Learn more about MarksNelson's accountants.As you may have recently read, the IRS announced on February 24, 2011 that it is making changes to the tax lien process in an effort to help taxpayers with their tax liens.  The IRS plans to help taxpayers struggling with tax debts by providing a higher level of forgiveness. A few highlights of this major change include:

  • Generally prohibits the IRS from filling a tax lien unless unpaid taxes exceed $10,000
  • Withdrawn liens, in most cases, if a taxpayer enters into a direct debt installment (known as the “streamlined installment agreementJ for liabilities under $25,000 with payments spread over 24 months
  • Offer in compromise – Taxpayers with income of up to $100,000 may be eligible for the compromise program if their tax liability is $50,000 or less

For additional information bout how these changes could impact you, contact Dennis Nelson, Tax Partner, at dnelson@marksnelsoncpa.com

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