| IRS extends threshold amount for back taxes and increases the repayment period for streamlined installment procedures.
The IRS is doubling the back tax liability threshold to $50,000 for taxpayers who seek a streamlined installment procedure and is also increasing the repayment period to 6 years.
With the streamlined installment procedures, the IRS does not request detailed financial information, such the the personal financial statements, all the bank accounts and other asset information etc.
However, the IRS "requires that the taxpayer allow the IRS to debit the taxpayers bak account on a monthly basis!"
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