Are you having trouble paying your taxes? Do you owe any back taxes? The IRS has initiated some new regulations that are designed to help you pay your tax obligations. This is especially aimed to benefit individuals and small business owners without adding any more burdens to taxpayers. Click here to read or watch more IRS Help resources.
According to IRS Commissioner Doug Shulman, “We are making fundamental changes to our lien system and other collection tools that will help taxpayers and give them a fresh start. These steps are good for people facing tough times, and they reflect a responsible approach for the tax system.”
The IRS has long been filing tax liens to be given first priority over assets of tax debtors who have not paid up their taxes. But with the new regulations, conditions for filing these liens are going to be relaxed. The new lien filing practices are:
4. Now more people can apply for an Offer in Compromise because the IRS has raised the limit of qualifying annual income. Taxpayers who earn as much as $100,000 a year may qualify for an Offer in Compromise if your outstanding tax debt is less than $50,000.