Can the IRS Fresh Start Program Help Me?

Do you wish you could get a “fresh start” on your outstanding IRS tax debt?

Thanks to the IRS Fresh Start Program, many people may qualify for debt forgiveness and avoid late payment penalties on their tax debt. In 2012, the IRS expanded its Fresh Start Program, increasing eligibility for the program to a larger group of debtors and making repayment of debts easier through their installment agreement and Offer in Compromise (OIC) payment options. The Fresh Start Program gives individuals who are struggling with back taxes more options to eliminate their debt and receive a “fresh start” without penalties.

Under the original Fresh Start Program, only debtors with a maximum of $25,000 in tax debt could qualify for the installment agreement repayment option, leaving those with higher amounts of debt without a flexible repayment option. Now, debtors with up to $50,000 in overdue taxes can qualify for an installment agreement that allows them to repay their debt through a monthly direct debit payment over a period of six years. The program expansion also offers a repayment option for those individuals who are unable to pay their debt through a lump sum or installment agreement. For those who qualify, the Offer in Compromise (OIC) option can forgive some or all of the outstanding tax debt owed.

Not everyone qualifies for the Fresh Start Program, however. Acceptance into the program is based on income, expenses, and net assets, as well as standards set by the IRS. Because of the complexity of the tax code and stringent eligibility requirements, it is recommended that individuals interested in the program contact a tax professional.

Get a “fresh start” on your IRS tax debt with Key Tax Group

At Key Tax Group, we understand that you need customized solutions to your outstanding tax debt. To find out more about the IRS Fresh Start Program and to find out if you qualify, contact our tax professionals today. Our experienced tax professionals can assess your eligibility, file your paperwork, and help you receive the financial fresh start you need.