Under the Fresh Start initiative, the IRS has more flexibility in determining your eligibility and evaluates your collection potential much more favorably. Before Fresh Start, the agency multiplied your monthly discretionary income by 60, or five years, when calculating how much it could charge you. Now, the IRS multiplies your income by just 12 or 24, which means that you can normally settle your back taxes from the IRS by much less. One disadvantage is that the IRS will continue to apply interest to your total debt, even if the amount you must pay monthly changes depending on the Fresh Start Program.
When looking for a backdated tax assistance company to help you with the Fresh Start initiative, don't limit yourself to local firms. A commitment offer from the IRS Fresh Start program, or OIC, is an agreement that allows taxpayers to resolve their tax debt for less than the full amount they owe. The Fresh Start Program allows taxpayers with back taxes to enter into an agreement that extends the payment for months, but no longer than 5 to 6 years. Through the Fresh Start Program, taxpayers can choose to pay the IRS a regular monthly payment instead of paying the entire debt in one go.
Currently, the non-collectible status allows taxpayers to find a Fresh Start tax relief in peace, without the IRS pursuing it. You must include your unfiled or missing tax returns, your current estimated tax payments, and current withholding in your recent paychecks in order to be eligible for the Fresh Start Program tax relief. The IRS Fresh Start Program is a set of viable policies and plans that offer various types of help to businesses. Under the Fresh Start program, you can also negotiate an agreement that allows you up to six years to pay your back taxes.
Fresh Start reinstates the eligibility for federal student aid to nearly 7.5 million borrowers (as of May 31, 2020) to help them complete their credential or degree; borrowers who don't complete their program of study are at greater risk of default. If you are an individual taxpayer who is willing to pay the debts you owe in a series of installments with a direct payment structure, you could benefit from the IRS Fresh Start Program. For more information on how to apply for the IRS Fresh Start Program, contact us for a free review of your tax case. That means that the amount of tax levies fell by more than half in the first five years of the introduction of the Fresh Start program.
To obtain the Fresh Start tax relief without interference from the IRS, the taxpayer must currently be in a non-collectible state. They will evaluate your case, understand the relevant facts, and then sit down with you to discuss your options, including the IRS Fresh Start Program. In most cases, it's best to hire a tax refund assistance company to help you with the IRS Fresh Start program.
