IRS Fresh Start Program
The IRS Fresh Start Program was created to help people who owe back taxes but are struggling to find a way to pay. It is important to note that the term fresh start program is just that, a program that has a number of tax relief options that can be used to help taxpayers reduce, pay down and pay off tax liabilities. Each of the options in the fresh start program comes with its own sets benefits, rules, regulations and qualifying requirements. Below we describe the most common benefits and the qualifications to take advantage of an IRS fresh start program.
IRS Offer in Compromise
An Offer in Compromise (OIC) allows a taxpayer to settle back taxes due for less than what is owed. In short, based upon your qualifications and ability to repay your existing tax liability, a reduced offer to pay off the liability is presented to the IRS. If and when an Offer is accepted by the IRS, making full payment of that reduced offer amount wipes clean the principal amount owed along with all interest and penalties.
IRS Lien Withdrawal or Subordination
Under certain circumstances, taxpayers can submit an application to have their tax lien withdrawn or subordinated. In addition, the IRS will generally not seek a tax lien when a taxpayer owes less than $10,000.
IRS Installment Agreement
Taxpayers owing less than $50,000 may be eligible to pay their taxes due monthly over a six-year period although interest continues to accrue. Taxpayers who owe more than $50,000 or need more than six years to pay off their tax liability are required to provide extensive documentation.
The Fresh Start Tax Relief program includes some of the most powerful tax relief options ever offered by the IRS but you must be in strict compliance before you can even be considered.
Who Qualifies for Relief Under the IRS Fresh Start Program and How Do I Apply for it?
Each tax relief option within the Fresh Start Program requires its own specific qualifications which generally consists of the taxpayer providing highly specific and accurate financial forms prepared with accuracy under the penalty of perjury along with substantiating documentation. But the IRS will not even consider you for relief offered under the Fresh Start Program, unless you are found to be current and compliant with your taxes. Therefore, you must have all past tax returns filed and correct, all current year estimated payments paid up to date, all current year payroll tax deposits made and quarterly tax returns filed.
How Can The W Tax Group Help Me?
Our expertise is tax relief! We know the ins and outs of the Internal Revenue Manual, the IRS Code and the programs available for tax relief. We understand everything the IRS offers to provide relief from back taxes. The Fresh Start Program is our specialty. We understand ALL of the specific tax forms that need to be submitted in order to qualify for the best possible relief for your specific situation and we have professional CPAs who can correct and file all current and past tax returns. We negotiate with the IRS so they do not take advantage of what you do not know. We prepare and submit the complicated forms and extensive documentation that determines whether you receive tax relief under fresh start. We make sure you receive the most favorable outcomes allowable under IRS administrative law.
You have 4 ways to take action right now and all of them are free:
Benefits of Working with The W Tax Group
- We have processed thousands of IRS tax cases
- We have saved hundreds of millions of dollars in tax relief for our clients
- We deploy in-house licensed tax attorneys, CPAs and Business tax professionals to help our clients
- You will have a dedicated case manager so you are never alone and never in the dark.
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- You can read our W Tax Group Services F.A.Q where we answer the most common questions our customers have.