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No longer a private matter

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in Small Business Tax

It looks like the IRS is putting the kibosh on private tax collections. The concept—which was authorized by the American Jobs Creation Act of 2004—has drawn flak ever since it was instituted.

It was retained for 2008, but don’t expect the program to be renewed in the future. Currently, two private firms are seeking collections from taxpayers who owe no more than $25,000. Once these contracts run out, the IRS will resume all activities in-house.

Reminder: Private debt collectors can’t take enforcement actions like liens or levies or work out tax issues involving abatements or financial hardships.

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