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Diane Publishing Books
Federal Tax Debts: Factors for Considering a Proposal to Report Tax Debts to Credit Bureaus
James R. White (au)
Millions of individual and business taxpayers owe billions of dollars in unpaid federal tax debts, and the Internal Revenue Service (IRS) expends substantial resources trying to collect these debts. Other federal agencies that are owed nontax debts report such debts to credit bureaus, in part as a tool to encourage debtors to pay. However, IRS is not allowed to directly report tax debts to credit bureaus because long-standing federal law protects the privacy of taxpayersäó» information. IRS is only authorized to disclose personally identifiable information reported to or developed by IRS in limited circumstances as specified by law. IRS is, however, allowed to file tax liens on some tax debts, and such liens are public records that are picked up by credit bureaus and included in the credit history information they compile. This report describes (1) IRS's inventory of tax debts and the characteristics that may be relevant to a potential proposal to report tax debts to credit bureaus; and (2) factors that experts believe could be useful to consider in the evaluation of any proposal to report tax debts to credit bureaus. Tables and figures. This is a print on demand report.
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