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IRS announces 5 new steps for tax debtors

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in Small Business Tax

The IRS has instituted a series of new initiatives relating to the payment of tax liabilities. (IRS News Release 2011-20). If you read between the lines, there’s both good news and bad news on the horizon.

First, the good news: The new announcement spells out five ways that struggling taxpayers can get a “fresh start.” The changes range from a higher dollar threshold for imposing tax liens to easier ­access to many types of installment agreements.

Now, the bad news: The changes may not be all that they’re cracked up to be. According to Patrick Cox, CEO of TaxMasters, a Houston-based firm specializing in resolving tax matters with the IRS, the notion of a “kinder, gentler IRS” is mostly a mirage.

“You really need someone who knows how to challenge the IRS and how to navigate the rules,” says Cox. And there’s another pitfall that Cox warns about: Interest and penalties continue to accrue on unpaid amounts even if you have an i...(register to read more)

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