Liens Placed on Properties will be Reduced

Since the start of the recession, tax liens have risen more than 60% making it difficult for individuals to obtain affordable housing and jobs. This month, the IRS announced the number of liens placed on properties  owned by delinquent tax payers will be significantly reduced, making it easier to get them withdrawn.  A tax lien can also affect a homeowners credit scored and their ability to sell their property.
The IRS will raise the thresholds from $5,000 to $10,000 owed back taxes. In addition,  taxpayers who make payment arrangements with the IRS will be able to have their lien withdrawn.  The IRS also announced they have broadened their “Offer in Compromise”  program which allows taxpayers to negotiate a tax reduction. In order to qualify, an individual must demonstrate  that they have exhausted all available resources (Taxpayers with annual incomes up to $100,000 can now participate). For further information, please contact an IRS office or website.