IRS To Tighten Tax Refunds Against Small Businesses With Tax Debt

IRS To Tighten Tax Refunds Against Small Businesses With Tax Debt

tax resolution servicesAccording to a new report from the Treasury Inspector General for Tax Administration (TIGTA), the Internal Revenue Service plans to adjust its procedures and technology to efficiently identify the outstanding tax debts of small business owners, and subtract the unsettled debt from the tax refunds they are eligible to receive.

TIGTA’s new report recommended that the IRS upgrade its computer programming technology in effort to identify all available tax refunds to offset a taxpayer’s federal tax liabilities. However, if the small business owner does not have any outstanding federal tax debt, the TIGTA will validate if the taxpayer has any other type of government debt.

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