In this article, you will get to know about the IRS Fresh Start Program: What is IRS Fresh Start and How to Apply for it? The Federal Government of the US, has started a new fresh program for the taxpayer. The Internal Revenue Service is the revenue service of the Government and composes all the revenue transactions and taxes.
IRS Fresh Start Program
The Government has made some new programs for the taxpayer that deliver some benefits of taxation relief to the selected taxpayer in the US. To know furthermore essential details regarding the IRS Fresh Start Program, what these are, their benefits, and more, continue browsing this article.
The Internal Revenue Agency has set up and started a fresh program for the taxpayer, which will offer further help to taxpayers who are struggling to pay their taxes. With this program, the taxpayer will receive initiatives of payment plans, streamlined procedures in filling out taxation, and more.
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The Government has created this program with some special benefits that help them with the prevention of taxes that are filed against a taxpayer, helps them in certain cases with some removal of taxes, reduction in penalties and their interest rates, and more. The IRS has created this for the low and moderate taxpayers that will help them with several benefits. The IRS is working towards a common goal to help and solve the problems of the taxpayers.
What is IRS Fresh Start?
The IRS Fresh program was started in the year 2011 in response to the economic challenges faced by the taxpayer. This program was intended to provide a pathway for individuals and businesses with a settlement of their taxation debt and avoid financial strains. Through this program, the IRS has modified some tax policies and procedures to create some flexible taxation options for taxpayer with the fulfilment of their tax obligation.
In the IRS Fresh Start Program, the taxpayer is delivered a number of tax relief options that help them with a certain sum of tax reduction, down pay, and many other tax pay-off liabilities. With this program, the IRS allows individuals to withdraw their set instalments from banks, allowing them to set up their monthly debit payments with a limit of 25K USD, provide some penalty relief, with some reduction in the total amount while reviewing an OIC application, and more.
Qualification for IRS Fresh Start Program
The Fresh Start program is made for taxpayers who own taxes and are struggling to pay the taxes. The individuals who are qualifying for the Fresh Start program are:
- You must be filing all the required taxation returns from the last three years.
- You have not owned more than 50K CAD taxes, which also include the interest and penalties.
- Required to agree to pay out the taxes within 6 years.
- You have made all the necessary required estimated tax payments for the current year.
- You should not be involved in any of the taxation deception or evasion activities.
These are some of the qualification criteria to have the IRS Fresh start program benefits. If you are qualified for this program, then you are able to acquire the advantages, which include.
- Installment Agreement, which helps you have the possibility to pay out your tax debt on a monthly basis rather than a lump sum payment.
- Offer in Compromise that helps you with the opportunity to settle down your tax debt with a lesser sum than the total.
- Penalty Relief, lien withdrawal, and certain more advantages.
These are some benefits that will be granted after an individual qualifies for the IRS Fresh Start Program.
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How to Apply for the IRS Fresh Start Program?
To apply for this program, first, you have to ensure that all your previous taxation return is filed and current. After that, you need to discuss your sitution with the tax expert, which helps you to determine the type of relief you are required to seek out.
Then, contact the IRS for the filing of the application for this program; you will be required to complete several taxation documents, and then the rest procedure will be made by the IRS.
