In case you owe the IRS money, you may be interested in the Fresh Start Program. This program was designed to help taxpayers who are struggling to pay their taxes. In this blog post, we will explain what the Fresh Start Program is and how it can help you.
The Fresh Start program is a collection of initiatives from the IRS that are designed to help taxpayers who are struggling to pay their taxes. The program offers more flexible payment options, as well as reduced penalties and interest rates.
In 2011, the IRS broadened the Fresh Start Initiative, making it available to even more taxpayers. The program then offered more payment options, including a longer installment agreement and a reduced penalty for taxpayers who pay their taxes in full. While the program has since ended, the IRS still has a number of programs that can help taxpayers who are struggling to pay their taxes.
The Fresh Start program was available to all taxpayers who are struggling to pay their taxes. However, there are a few qualifications that you had to meet in order to be eligible for the program.
You must owe less than $50,000 in combined tax, penalties, and interest You must be able to pay your debt in full within 72 months (six years) You must have filed all of your past tax returns.
If you meet these qualifications, the IRS will work with you to create a payment plan that is more manageable for you.
There are three main components of the Fresh Start Program:
The Fresh Start Initiative for individuals
This initiative offers more flexible payment options, including a longer time period to pay off your debt and reduced penalties and interest rates.
The Fresh Start Initiative for businesses
This initiative offers more flexible payment options and relief from certain compliance requirements.
The Fresh Starters Program
This program helps new businesses get started by offering them reduced penalties and interest rates on their taxes.
The main benefits of the Fresh Starters Program are:
To enroll in the Fresh Start program, you needed to complete Form 433-A (Collection Information Statement for Wage Earners and Self-Employed Individuals) or Form 433-B (Collection Information Statement for Businesses). You'd then submit the form to the IRS. Alternatively, you can call the IRS at 800-TAX-FORM (800-825-3676) and ask them to mail you a copy of the form.
There are a few restrictions to be aware of:
If you are struggling to pay your taxes, we at At Morris and Associates Tax Specialists can help. We can work with you to create a payment plan that is more manageable for you and will help you get back on track. Contact us today at (678) 641-3193 to learn more about the Fresh Starters program and how we can help you get started.
The IRS has several programs available to help taxpayers who are struggling to pay their taxes. The Fresh Start program was a voluntary initiative that offers more flexible payment options, as well as reduced penalties and interest rates.
Best regards,
Kenneth Morris, EA
Call me: (678) 641-3193