Unpaid taxes continue to cost the U.S.
economy hundreds of billions of dollars, with most debts being left unpaid or only
partially paid. In response, the Government Accountability Office (GAO)
submitted in 2012 a report to Congress proposing that the Internal Revenue
Service (IRS) report outstanding tax debts to credit bureaus to improve tax
collection.
There’s no word of
when the IRS will standardize this practice, let alone whether or not the
agency plans to do so. Tax debts normally don’t reach credit bureaus as part of
their policy to safeguard sensitive information.
If you are dealing
with an IRS tax lien, it pays to know what to do.
Credit bureaus
don’t have difficulty acquiring tax liens because these are public records. Liens
prevent you from selling or giving away property. Most negative items on your
credit report go away after seven years, but not tax liens. The only way to get
rid of them is by way of a settlement, whether through a full payment or an
offer in compromise.
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