Overview of the Different Tax Relief Options Available through the IRS Fresh Start Program

These companies will promise you an OIC without first analyzing your specific tax situation and preparing the necessary forms for the IRS. Once you are on an installment plan, you will no longer receive IRS collection letters or be susceptible to penalties. Although an Offer in Compromise is the best option to reduce your tax debt through the Fresh Start Program, the qualifications are strict. Most of the time they eventually clear off all their pending dues within 6 years' time.

The best way to prevent your request from being denied is to contact a professional tax relief company.

What is the IRS Fresh Start Program?

The fresh start initiative from the IRS was created to offer those who haven’t had an adverse history with the IRS an opportunity to make payments based on given criteria. When you owe the IRS a significant amount of money, you want to get it taken care of as soon as possible. You might think a Fresh Start IRS program that helps you get out from under your tax debt sounds too good to be true. Installment agreement An installment agreement is a payment option for those who cannot pay their entire tax bill by the due date.

Therefore, the IRS Fresh Start Initiative allows for a more graceful approach to achieving tax debt relief while avoiding a tax lien or levy.

What are the different IRS payment plans?

Payment options include full payment, short-term Payment plan (paying in 180 days or less) or a long-term payment plan (installment agreement) (paying monthly). If the IRS determines that you can't pay any of your tax debt because of financial hardship, the IRS may temporarily delay collection by reporting your account as currently not collectible until your financial condition improves. The IRS may temporarily suspend certain collection actions, such as issuing a levy (refer to Topic No. These convenient payment methods also allow you to avoid the time and expense of mailing monthly payments or paying electronically each month.

What is the best tax relief program?

A more drastic variation of a tax lien, a tax levy means that the IRS is enforcing its legal right to seize your property in order to pay your debt. Tax relief professionals may help you obtain a payment plan or pause collection due to financial hardship. If you do not file your taxes or make a mistake while filing your taxes, you may face consequences from the IRS, including penalties and fees. These services include but are not limited to offers in compromise, installment agreements, tax resolution services, penalty abatement, and levy releases.