2010 IRS Nationwide Tax Forum San Diego Review

The 2010 IRS Nationwide Tax Forum was nicely set up and had some great presentation speakers. 

Some of the highlights discussed from the forum:
  • There were almost one million federal tax liens filed in 2009.
  • The National Taxpayer Advocate's Office discovered that federal tax liens drop your credit score 100 points as soon as they are filed. 
  • The investigation also found that the three major reporting credit agencies, Experian, Equifax, and Transunion, do not remove tax liens for years, if at all, even after the tax has been paid.  The Fair Credit Reporting Act allows the agencies to keep the lien on your credit report for up to 7 years after payment in full.  Regardless of this Act for some reason the investigation found that Equifax keeps liens on your report for up to 15 years, Experian keeps the liens on your report for 10 years, and TransUnion indefinently! 
  • Federal Tax Lien filings went up 475% over the past 10 years.
  • Bankruptcy on back taxes are dischargable in a bankruptcy 3 years from due date + extensions or 2 years after filing late return (I always thought it was 3 years no matter what, so this is welcomed news). 
There were many other more complicated tax preparation and tax representation tax law changes in 2010 that were discussed.  I was very impressed by the forum and it was a fun and valuable way to earn 18-20 Continuing Education Credits for Enrolled Agents, CPAs, and Attorneys. 

Nicholas Hartney, E.A.
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