As more people owe more money in back taxes. The IRS is raising the dollar threshold from $5,000 to $10,000 before filing a tax lien for unpaid taxes. IRS will also withdraw more tax liens once the tax debts are repaid.
This could help debtors’ credit ratings because a withdrawal expunges the lien immediately
from the debtor’s record.
The agency has also increased the dollar threshold to $25,000 in unpaid tax for small businesses to enter into streamlined installment agreements and giving them up to 24 months to pay.
Also, the offer-in-compromise program is being expanded to cover more taxpayers who are unable to repay their tax debt in full…those with annual incomes of $100,000 or less and tax liability under $50,000.