You have options that make relief attainable.

Did you know that when you owe the Internal Revenue Service a substantial amount of money, there are specific proven programs that allow you to satisfy your obligation in an affordable and manageable manner without putting you further in debt. 

As part of the IRS Fresh Start Program, taxpayers can request relief by making an Offer in Compromise

This option is designed to take into account the hardships faced by people who experience circumstances like unemployment, medical issues or personal hardships.

The qualification and process mandated by the IRS are intensive and thorough and must be completed consideration. 

You can review the program here.  https://www.irs.gov/pub/irs-pdf/f656b.pdf. 

You can evaluate you eligibility with this information from the IRS https://irs.treasury.gov/oic_pre_qualifier/

For those who qualify, this program is an effective way of satisfying hefty tax debts and can also help people avoid many of the detriments and complications of owing a tax debt to the IRS including: 

• Penalties

• Interest

• Tax liens

• Seizure of assets

• Wage garnishments

The IRS Fresh Start Program offers two widely used repayment options to taxpayers. Both options allow people to pay off their tax debts legally and satisfactorily. They also allow people to avoid additional penalties and interest that could cause undue financial hardships. 

1 - The first option available is the Extended Installment Agreement. An extended installment agreement is designed for people who owe $50,000 or less to the IRS. It grants taxpayers up to six years to pay off what they owe without incurring additional penalties and interest. It also stops IRS collection activities like wage garnishments, tax liens, and seizure of assets. If approved, monthly are based on income and the value of a taxpayer’s assets.   Payments are designed to be affordable so they can be made as scheduled and without financial difficulties.

2 - The second option is called an Offer in Compromise or OIC. An OIC is a rare but entirely possible choice for taxpayers to pay off what they owe to the IRS.   An OIC, is an offer made to eh IRS to settle tax debt for less than what oi owed.  The objective of this offer is to have the IRS agree to accept a substantially  lower offer than the actual value of the tax debt (sometimes pennies on the dollar). 

the NEED TO INVOLVE A TAX PROFESSIONAL

It is essential to make an offer that accurately reflects your current tax and financial situation and your ongoing ability to pay. A tax professional can ensure you meet all necessary requirements and file the appropriate IRS forms which accurately report your financial situation so any offer will be given its due credence and potentially accepted faster by the IRS. 

Once an offer is accepted, taxpayers can request to have the tax lien withdrawn from their accounts.

A Tax Professional can also file any missing IRS forms and assist in an any Compromise applications that best suit your current finances. 

Applying for the IRS Fresh Start Program 

An essential requirement for any application is that all back and current tax returns must be filed. 

You cannot request any of the repayment options if there are missing or outstanding tax returns that have not yet been filed. Taxpayers must agree to file all future returns on

Enrolling in either Offer Program is a complex undertaking that you may not completely understand on your own or be prepared to see through to its successful conclusion.

In addition to assisting a taxpayer in disclosing all of the requested information regarding  income and the proper value of assets, A tax professional can also help you avoid disclosing information that could potentially be used against you in any criminal investigations or audits.

A tax professional can advise you on the best repayment option to pursue and guide you in applying for and being accepted for it. 

We encourage you to call us today so we can discuss your situation and the best options for you.ce.