Whether you are behind on your back taxes or you just want to make payments on time, the IRS fresh start program is here to help you. The program can reduce or eliminate your tax bill. It offers many benefits, including payment plan options and no surprise levies or liens. The program also helps you stay within your budget by allowing you to pay a lower minimum amount each month. Check irs fresh start program
The Fresh Start Program was first introduced in 2008 and was designed to help individuals get back on their feet without threatening them with tax liens. It has been updated since then to take into account the financial needs of people in difficult financial situations. For example, penalties for failure to pay taxes were eliminated for people who have been unemployed for more than 30 days and a six-month extension was added.
Installment payment options were also introduced with the Fresh Start initiative. This allows taxpayers to pay their taxes over a longer period of time by making smaller monthly payments. This can help individuals avoid wage garnishment, which will decrease their future income until the debt is paid. However, before enrolling in the Fresh Start program, make sure that you qualify for the program.
If you are behind on your taxes, you may qualify for the IRS fresh start program. In this case, you may be able to apply to get your debt lowered to less than $10,000. This new threshold is meant to provide you with more time to get your finances in order. When you qualify, you will need to provide the IRS with your last six months’ filings. Otherwise, you’ll be charged extra interest and penalties.
The most common Fresh Start option is an extended installment agreement, which allows you to make payments over a period of up to six years. The IRS will determine a monthly payment amount that is affordable to you based on your reported assets. The program will also prevent the IRS from taking any other action, such as wage garnishment, while the installment agreement is in place.
The IRS fresh start initiative is designed to help taxpayers who are behind on their payments and have fallen behind due to extenuating circumstances. Generally, the IRS will try to work with taxpayers who have a sincere intention to resolve their liabilities. A qualified tax attorney can help you with your options.
Among the benefits of this program is that it allows debtors with low balances to pay off their taxes over 72 months, instead of just 60 months. In addition, the program also prevents the IRS from charging certain fees under the extended plan option.