Categories: Uncategorized

IRS Reporting Your Tax Debt to Credit Bureaus?

As of right now, the law will not allow for taxpayer debt to be reported to credit bureaus, but looming over us is the $400 BILLION taxpayer debt.  The Government Accountability Office has been written to assess the feasibility of it. The theory is that taxpayers will be more will to pay if their credit score is at risk.

Another question would be, of this $400 billion to the IRS, is any of that past due child support, as an example, which is handled by Financial Management Services (Department in the IRS who handles seizures of refunds)? How much, if any, could be allotted to cancelled debt from forms 1099-C that just have not been reported.

Although reporting debt to credit bureaus might incentivize some taxpayers to pay up, the cost of the scrutiny and process to find who should properly be reported might not be worth the end result of only getting some people to pay. Maybe they should just start putting warrants for arrest out.  Henry David Thoreau went to jail for not paying is taxes, and he had a good reason for not paying (war pacifist). What are the reasons for our current tax delinquents?

Joseph Rogers

Recent Posts

Corporate Transparency Act On Pause

Just yesterday, Dec 3rd, there has been a nation wide preliminary injunction against enforcement of…

3 weeks ago

Tax Help Phone Numbers for Professional Tax Preparers

Who do professional tax preparers call when they need help? The answer is, like many…

5 months ago

Tax Certifications For Professional Tax Preparers

Tax season is a busy time for everyone involved, but it's especially important for taxpayers…

1 year ago

IRS Shutting Down MeF E-File System on November 18th, 2023: File Your Taxes Early!

The Internal Revenue Service (IRS) will be shutting down its Modernized e-File (MeF) system on…

1 year ago

2024 PTIN Renewals Open

The PTIN portal is officially open for new 2024 PTINs and for PTIN renewals for…

1 year ago

How Do I Get an ITIN?

An Individual Taxpayer Identification Number (ITIN) is a nine-digit number issued by the Internal Revenue…

1 year ago

This website uses cookies.