If you’re struggling to pay your taxes, the IRS Fresh Start Program may be able to help. This program is designed to make it easier for taxpayers to pay their tax debts and avoid financial hardship. Here’s what you need to know about the program:
The IRS Fresh Start Program offers three main options for taxpayers:
This option allows taxpayers to pay their tax debt in monthly installments over time. The Fresh Start Program has expanded the eligibility requirements for this option, making it available to more taxpayers.
Offer In Compromise
This option allows taxpayers to settle their tax debt for less than the full amount owed. The Fresh Start Program has made it easier for taxpayers to qualify for an offer in compromise by expanding the eligibility requirements.
This option allows taxpayers to request relief from specific penalties, such as failure-to-file or failure-to-pay penalties.
To qualify for the Fresh Start Program, taxpayers must meet certain eligibility requirements. These requirements vary depending on which option you choose. For example, to qualify for an installment agreement, taxpayers must owe less than $50,000 in tax debt and have filed all required tax returns.
The Fresh Start Program can be helpful if you’re struggling to pay your taxes. However, navigating the program’s requirements and options can be complex. It’s important to work with a knowledgeable tax professional who can guide you through the process and help you make the best decisions for your unique situation.
At All Digital Tax, our team of experienced tax professionals is here to help you navigate the IRS Fresh Start Program and find the best solution for your tax debt. Contact us to schedule a consultation and learn more about how we can help you.