IRS Fresh Start Program

Are you struggling with mounting tax debt? The IRS Fresh Start Program, also known as the Fresh Start Initiative, could be your solution.

At the law office of Steven N. Klitzner, we understand the challenges individuals and businesses face when dealing with tax obligations. That’s why we will guide you through the options available under the Fresh Start Program to help you achieve financial relief.

Components of the Fresh Start Initiative

The IRS Fresh Start Program is a comprehensive initiative designed to assist taxpayers in resolving their tax liabilities more effectively. It encompasses various measures tailored to provide relief to those burdened by tax debt.

Below are the key components of the IRS Fresh Start Program.

Streamlined Installment Agreements

The Fresh Start Program offers streamlined installment agreements for taxpayers with an outstanding tax debt of up to $50,000. This allows eligible individuals and businesses to set up payment plans without the need for a detailed financial statement.

Offer in Compromise (OIC)

Under this new initiative, taxpayers may qualify for an Offer in Compromise (OIC) to settle their tax debt for less than the full amount owed. The program has expanded eligibility criteria, making it easier for individuals to demonstrate financial hardship and qualify for this debt relief option.

Lien Relief

If you’re facing federal tax liens, this program provides relief options. The IRS may withdraw a Notice of Federal Tax Lien under certain conditions, such as entering into a direct debit installment agreement or paying off the tax debt.

Penalty Abatement

The Fresh Start Initiative offers penalty relief for eligible taxpayers. For instance, individuals who have been unemployed for 30 consecutive days or more may qualify for a six-month grace period on failure-to-pay penalties.

Increased Thresholds

To provide further assistance, this IRS program has raised the threshold for filing a Notice of Federal Tax Lien. Generally, the IRS won’t file a lien unless the taxpayer’s unpaid balance exceeds $10,000.

Expanded Access to Installment Agreements

Small businesses facing tax debt of $25,000 or less can now access installment agreements more easily under the Fresh Start Program. Eligible businesses can apply for payment plans without submitting a detailed financial statement.

Don’t let tax debt hold you back. With this new program, relief is within reach. At the law office of Steven N. Klitzner, we specialize in navigating the complexities of tax law and we are here to guide you every step of the way.

Let’s work together to explore the options available under the Fresh Start Initiative and find the best solution for your unique situation. Take the first step towards financial freedom today by contacting us for a personalized consultation. Together, we can help you achieve lasting tax relief and pave the way for a brighter financial future.

Call us at (305) 564-9199 for a free and confidential consultation today!

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