Settle Your Debt – The Fresh Start Program

IRS Initiative

IRS Initiative

Did you know that 14 million Americans have some sort of tax issue or delinquency with the IRS? To combat that the IRS developed the Fresh Start Program as a tax relief service. It settles an owed balance quickly and easily. Let us clarify what it is – the Fresh Start Program is not a set program. Rather a series of IRS Collection procedures and policies to help individual taxpayers and small businesses settle overdue tax liability. You may qualify for IRS assistance with this program under several conditions and stipulations. US Tax Relief can help you examine the best policy options for your financial situation under that program.

Installment Agreement

One option is the Installment Agreement. It is a payment plan to help taxpayers pay off their debt in smaller monthly increments. The amount owed each month is at the discretion of the IRS and taxpayers approved for this type of plan. They must ensure they never miss or default on a payment. If you can’t pay off a tax debt of %50,000 within 6 years, US tax relief agencies can step in. With your tax consultants to help you devise an installment agreement that IRS Assistance will approve of. Working with a team will help you with a plan. Make offers to the IRS a reasonable monthly amount which takes into consideration your monthly income minus essential living expenses. Approval of the payment plan will be more likely if the IRS sees that you are working with tax professionals. It helps you make tangible steps towards settling the debt.

Offer in Compromise

The other option would be to do an “Offer in Compromise”. It is useful if the taxpayer can prove to the IRS that the debt is insurmountable. Tax Lawyers have helped many taxpayers decrease the amount owed through this system. Working with tax professionals to assess personal assets, unpaid tax, and analyze the likelihood of paying back the full debt. Getting approval is rare. You can take months to get an outcome. Gladly there are taxpayer advocates whose life’s work is to make sure you have the strongest claim.