I’ve heard about the IRS Fresh Start Program and am interested in learning more about it. Could anyone here provide insights or share experiences with this program? What exactly does it entail, and who qualifies for it? How does it help individuals with tax debts? Are there specific requirements or steps one needs to take to participate? Any advice or personal stories would be greatly appreciated as I consider exploring this option. Thank you in advance…
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The IRS Fresh Start Program is designed to help taxpayers who are struggling with tax debts by offering more flexible payment options and reducing penalties.
The Fresh Start Program offers several options to help taxpayers manage their tax debts. The programs include:
- Installment agreements: Allows you to pay your tax debt in monthly installments over up to six years.
- Offer in compromise (OIC): This lets you settle your tax debt for less than the full amount you owe if you meet certain criteria.
- Penalty abatement: Reduces or removes penalties for taxpayers who qualify.
- Lien withdrawal: In some cases, the IRS may withdraw a tax lien if you enter into a direct debit installment agreement.
To qualify for the Fresh Start Program, you generally need to meet the following criteria:
- You must have filed all required tax returns for the past three years.
- You cannot owe more than $50,000 in taxes, including interest and penalties.
- You must agree to pay your outstanding tax obligations within six years.
- You must be up to date with all required estimated tax payments for the current tax year.
- You cannot be involved in any tax evasion or fraud activities