Fresh Start: How the IRS Can Help You Get Relief from Back Taxes

 








The Internal Revenue Service (IRS) Fresh Start Program is a program that is designed to help taxpayers who are struggling to pay their taxes. This program provides relief to individuals and businesses who are facing financial hardship and cannot pay their taxes in full. The Fresh Start Program offers various options to taxpayers, such as installment agreements, penalty abatement, and offers in compromise.


Installment agreements are payment plans that allow taxpayers to pay their tax debt in smaller, more manageable amounts. Under this program, taxpayers can make monthly payments to the IRS until their tax debt is paid in full. The IRS offers different types of installment agreements, including guaranteed, streamlined, and regular installment agreements. Guaranteed installment agreements are available to taxpayers who owe $10,000 or less in taxes and have filed all of their tax returns. Streamlined installment agreements are available to taxpayers who owe $50,000 or less in taxes and can pay their debt off within six years. Regular installment agreements are available to taxpayers who owe more than $50,000 in taxes or cannot pay their debt within six years.


Penalty abatement is another option available to taxpayers under the Fresh Start Program. This option allows taxpayers to have some or all of their penalties waived if they have a valid reason for not paying their taxes on time. Valid reasons include natural disasters, serious illnesses, and other circumstances beyond the taxpayer's control.


Offers in compromise are another option available to taxpayers under the Fresh Start Program. This option allows taxpayers to settle their tax debt for less than the full amount owed. To qualify for an offer in compromise, taxpayers must meet certain requirements, including having filed all of their tax returns and not being able to pay their tax debt in full.


The Fresh Start Program is designed to help taxpayers who are struggling to pay their taxes and facing financial hardship. This program provides relief to individuals and businesses who cannot pay their taxes in full and offers various options to help them resolve their tax debt. The program is available to taxpayers who owe back taxes, penalties, and interest to the IRS.


To apply for the Fresh Start Program, taxpayers should contact Martin Cantu, EA. I will review your information and determine which options are available to you under the Fresh Start Program.


The IRS Fresh Start Program is a program that provides relief to taxpayers who are facing financial hardship and cannot pay their taxes in full. This program offers various options, including installment agreements, penalty abatement, and offers in compromise, to help taxpayers resolve their tax debt. Taxpayers who are struggling to pay their taxes should contact the IRS or speak with a tax professional to learn more about the Fresh Start Program and how it can help them. Contact me today for more information. 



















Regen

Location: 1 Chisholm Trail Rd Bldg. 1 Suite 450, Round Rock, TX 78681, USA

Popular posts from this blog

Unlocking the Secrets of an Offer in Compromise: A Comprehensive Guide Chapter 3 - How Much Do I Offer?

  Calculating the Amount of your Offer in Compromise – What is Your Reasonable Collection Potential (RCP)? Drum roll please! This is what you’ve been searching for – how much do I offer? How little can I get away with? Why not low ball them?   Here are the two most important concepts to understand before you start your OIC.   Key Point 1 - You’re not buying a car or a house. The Settlement Agent does not work on commission. They don’t have to settle and the decision to settle rests entirely with the Settlement Officer. Any offer or counter-offer you make has to be backed up by the numbers.   Key Point 2 – Determine your Reasonable Collection Potential before making an offer. Reasonable Collection Potential (RCP) is a key factor considered by the IRS when evaluating an Offer in Compromise (OIC). RCP refers to the amount of money the IRS believes it can collect from a taxpayer based on their assets, income, and future earning potential.   The IRS...
Read more

Unlocking the Secrets of an Offer in Compromise: A Comprehensive Guide - Chapter 4

  Chapter 4 – Filing Details/Payment Terms/Important Consequences IRS FORM 656 – OFFER IN COMPROMISE Use IRS form 656, Offer in Compromise to submit your offer. You can access the form via this link .   Be sure to read the accompanying booklet. Note that there are different forms of Form 433, Collection Information Statement, that are a part of the submission process. Form 433-A is for use by Wage Earners and Self-Employed Individuals. Form 433-B is used by Businesses. Also note that there is a specific form, 656-L, for use if you are claiming doubt as to liability. The IRS site also has a pre-qualifier tool. But don’t get too upset if it reports that you are not eligible. The tool does not take into account any special circumstances or other issues that may be relevant to your situation. Please refer back to this section of my Blog for a more detailed discussion of this issue.   Who Can File An Offer? An Offer in Compromise (OIC) can be filed by any individ...
Read more

Your COVID-19 Relief Check is in the Mail! (Well, maybe. It depends.........)

President Trump signed the massive coronavirus relief bill last week. Money will be distributed to the public by the IRS. So will the IRS offset what I owe against the check? What about my spouse? Here are some specific takeaways that you need to know now, and take appropriate action: 1. The government is using the IRS to distribute the checks only. They will not offset any IRS debts against the checks as this is not an IRS matter. The government is just using their infrastructure. 2. However, the only exception to this rule is child support obligations. If you owe back child support, it will come out of the check. This is the only exception at this time. 3. The only way the IRS will know about you is if you have filed a return in 2018 or for 2019. If you have not filed for 2018, and have not filed 2019, you will not receive a check.  In order to receive a check you must file a return for either of those years.  We love working with taxpayers who are delinquent ...
Read more