Fresh Start Program
The Fresh Start Program was originally enacted in 2011 by
the IRS to assist Americans who have delinquent taxes and who need to apply for
tax resolution. The goal of this program is to do exactly what it says, give
you a chance for a Fresh Start. This of course does not mean the IRS doesn’t
want you to pay the delinquent tax. It means they have made it easier for you
to qualify for their various programs by making the process of becoming current
a little less painful.
The Fresh Start Program has had several small updates throughout
the years, with the latest update occurring in April 2013.
The Intent of the Fresh Start Program is to relax some of
the guidelines for the Offer-In-Compromise program,
in the Installment Agreement program, and
when a tax lien is required to be filed. This article will provide an
understanding of how Fresh Start Program affects these programs and the tax lien process.
Highlights to Fresh Start Program:
Offer-In-Compromise
An Offer-in-Compromise allows you
to settle your delinquent tax debt for less than the full amount. The Fresh
Start Program has expanded and streamlined the Offer-In-Compromise process. Now
the IRS has more flexibility in accepting potential taxpayers for this program
making this program available to a larger group of taxpayers. Keep in mind that
the Offer-In-Compromise is still a hard program for which to qualify.
Installment Agreement
The Installment Agreement has
several qualifying levels but the Fresh Start Program primarily has changed the
requirements for the streamline level. For more information on this level and
the other level you can read more on the article regarding the Installment Agreement program. The Fresh Start
Program now allows you to qualify at the streamline level if you owe $50,000 in
taxes (up from $25,000) and allows you to make a payment arrangement for up to
72 months/6 years (up from 60 months/5 years). The main benefit is that less documentation
is now required from you.
Tax Liens
The Fresh Start Program now
requires the IRS to file a tax lien if you owe more than $10,000 in back taxes
(up from $5,000).
While the IRS has made qualifying for their settlement and repayment
programs easier than in the past, you still need to be prepared and understand
the process. At www.TheTaxSettlementGroup.com
not only help you understand the process, but we are able to walk you through
the steps of completing your paperwork, and all for a fraction of the cost of
what the “Industry Experts” are charging. Why pay thousand in fees when you can
simply pay a few hundred dollars and start resolving your problems today?
Have questions call us at 877-801-9166.
