IRS Lien Program To Be Less Taxing For Business

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Let’s face it: The Internal Revenue Service is well-known for being difficult to work with, in the same way that a buzzard is known for circling. Many people would complain that the comparison is unfair to the buzzard.

While that’s the standard line on the IRS, the federal agency is trying to do something a little different this tax season. The Wall Street Journal reports that the IRS is changing its rules to make it easier for taxpayers, both business and residential, to climb out of debt-related holes that swallowed them up over the course of the economic recession in the last few years.

At its simplest level, the IRS is promising to place fewer liens on properties and make them less damaging to credit. A higher level of forgiveness will also be adopted, and believe me, you want that kind of forgiveness. Today, such liens can be extremely destructive, so any improvement at all has to be considered a boon.

So what’s the consensus on the move? Here’s three quick quotes from the article that run the gamut from glowing to iffy:

Commissioner Doug Shulman called the changes an effort to “stand in taxpayers’ shoes” following “the worst recession in a generation.”

“This is a real effort to consider taxpayers’ needs,” said Benson Goldstein, a tax expert with the American Institute of CPAs.

Nina Olson, the National Taxpayer Advocate tapped by Congress to monitor the IRS, was more muted in her response. She called the changes “a significant step in the right direction,” but added that “they are not sufficient to address the problems we have seen.”

Give the full article a read and rejoin us here for discussion, if you please.

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