The IRS Fresh Start initiative expanded several programs to help taxpayers struggling with outstanding tax debts. What is the IRS Fresh Start initiative? It's bad enough if you have an IRS tax debt and you also have to pay big interest and additional fees. Over time, you end up in debt by not making any payments while trying to avoid paying interest and penalties. For those who qualify, the IRS Fresh Start Initiative offers a way to pay back taxes without overburdening their finances.
But what is the Fresh Start program, who qualifies, and how does it work for you? You should consider learning more about the Fresh Start program if you're a taxpayer with a huge burden of tax debt that you can't pay right away. An IRS Fresh Start compromise offer, or OIC, is an agreement that allows taxpayers to resolve their tax debt for less than the full amount they owe. While an installment agreement is a valid form of Fresh Start tax relief, it's difficult to reach an agreement with the IRS for a reasonable monthly payment. If you have problems with back taxes and are concerned about being up to date (and keeping) up to date with your tax payments, you may qualify for assistance under an IRS initiative called Fresh Start.
Formerly called the Fresh Start Program, it represents a change in the collection procedure used by the IRS for certain qualified taxpayers. If you don't want to enroll online, you can always make a proposal for the IRS Fresh Start Program by filling out and submitting an IRS Form 9465 that is available to the IRS government. Tax experts have a skillful understanding of the requirements of the IRS Fresh Start Program and will not be intimidated or deceived by the IRS into coming to an optimal resolution. To meet the requirements of the IRS Fresh Start Initiative, you must be able to show that paying your tax balance would cause you significant financial difficulties.
As a result, many taxpayers think that the options available in Fresh Start will provide an easy and cheap solution to their tax problems, which is rarely true. Tax experts predict that the requirements of the IRS Fresh Start Program could remain flexible for a long time, but the IRS is unlikely to continue to relax its strict application requirements for an extended period of time. Next, we'll discuss the details of your situation with you to identify which Fresh Start tax program option is the most appropriate. Of all the Fresh Start changes, the updates to the IRS Offer in Compromise (OIC) program have had the greatest impact for most taxpayers.
While a compromise offer is the best option to reduce your tax debt through the Fresh Start Program, the requirements are stringent.