IRS Fresh Start Programs

The goal of the IRS is to collect the money owed to them. However, being able to collect every dollar owed, plus interest, from every taxpayer in the nation is not realistic, and the government acknowledges this. As a result, the IRS Fresh Start Program gives taxpayers a chance to get back in the good graces of the tax agency. At The W Tax Group, our nationwide tax attorneys can discuss your options and if these features make sense for you to utilize.

Some of the key elements include:

  • Withdrawal of tax liens. When certain requirements are met and a tax debt is considered to be resolved, taxpayers can submit an application for withdrawal to have their tax lien removed. In addition, the IRS will generally not seek a tax lien when a taxpayer owes less than $10,000.
  • Installment agreements. Taxpayers who owe less than $50,000 may be eligible to pay their tax debt monthly over a six-year period. However, interest will still accumulate, and taxpayers who owe more than $50,000 or need more than six years to pay off their debts have to produce more documentation.
  • Offers in Compromise. An Offer in Compromise (OIC) is essentially a settlement of a person’s tax debt for less than what is owed. Under the Fresh Start Program, more taxpayers may qualify for an OIC. A tax lawyer can be a valuable resource for people considering an OIC as a means to satisfy their IRS obligations.

The W Tax Group can help you make an informed decision about these programs. Get your free personalized tax resolution plan to see what options make the most sense for your situation. Call our firm today at 877-500-4930, or complete and submit our online contact form to get started.