It has been said that the greatest treasure is knowledge. This is especially true when the knowledge gained helps you keep your treasure. The IRS Fresh Start program is an IRS initiative. Itpotentially benefits a given taxpayer in a number of ways. The Fresh Start initiative isn’t necessarily about creating new mechanisms. But it is about supplementing and enhancing existing options for taxpayers. Get your back tax solution here. And get your fresh start with the IRS.
A major example of where the IRS’ Fresh Start really makes a difference is with the Offer in Compromise (OIC). Offers in Compromise exist to give taxpayers a chance to settle their debt for a smaller amount, than the total they owe. Thanks to Fresh Start, the process has been made more adaptable. It is also more forgiving. The IRS analyzes how much you’re able to pay and what is a reasonable amount for the OIC. It may be right for taxpayers who are looking for options regarding back taxes owed. This is a nationwide issue.
Another benefit to the Fresh Start program was the expanded utility of Installment Agreements. Offers in Compromise may not always be possible, but when it comes to installment agreements, they typically are. This means that improving the ‘deal’ you get with the IRS regarding how the installment agreement is set up is definitely on the table thanks to this program. You may have already guessed that the ongoing gist behind Fresh Start is making it easier to pay back taxes and more forgiving for citizens who try in earnest…
Penalty relief, especially for the unemployed is a major boon of this program. Failure-to-pay penalties can be crippling and expanding the mechanisms for abating these penalties, wherever possible, is a welcome reprieve for many. Starting in 2013, this program even increased the amount taxpayers had to owe before the IRS generally would file a Notice of Federal Tax Lien. It may further increase in the coming years.
If you owe back taxes, speaking with tax solution experts like those at Business and Financial Solutions is your best option. We can help you find the best route for you to clear your government debt and catch up, even if you feel like you’re barely treading water. We have offices in Frederick MD, Rockville MD and Vienna VA and clients located across the United States.