Taxpayers get a break from the IRS in tough economy - KWWL - Eastern Iowa Breaking News, Weather, Closings

Taxpayers get a break from the IRS in tough economy

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WATERLOO (KWWL) -- The Internal Revenue Service is giving some taxpayers a break.

In a nod to the still-recovering economy, the IRS is increasing the threshold of tax liens that it files from $5,000 to $10,000 dollars.

Liens are claims to a taxpayer's property for the amount of unpaid tax.

And liens will be dropped if a taxpayer owes less than $25,000 and enters into a direct debit installment agreement.

In addition, small businesses can make installment agreements if they owe less than $25,000 dollars.

That's up from $10,000 dollars but they still have 24 months to pay.

Online Anchor: Sunny Layne

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