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?
Pricing is officially set for tax preparer registration for the coming 2010 tax year.
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IRS removes debt indicator from banks and software transmitters.
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