We generally approve a commitment offer when the amount you offer represents the maximum we can expect to charge in a reasonable period of time. Explore all other payment options before submitting a transaction offer. The Offer in Compromise program isn't for everyone. If you hire a tax professional to help you submit an offer, be sure to check their qualifications.
An installment agreement is a payment plan offered through the Fresh Start program. It allows taxpayers to pay an agreed amount each month to the IRS. These payments go directly to the taxpayer's total tax debt and continue until the debt is paid in full. Once you are enrolled in an installment payment plan, you will no longer receive collection letters from the IRS or be subject to penalties.
This plan is also a great way to show the IRS that you're willing to resolve your debt. One disadvantage is that the IRS will continue to apply interest to your total debt, even if the amount you must pay each month changes according to the Fresh Start Program. With the IRS's ability to include interest in the outstanding amount on your account, you'll end up paying more than you originally owed. While an installment agreement is a valid form of Fresh Start tax relief, it's difficult to reach an agreement with the IRS for a reasonable monthly payment.
Your chances of making smaller monthly payments are more likely if you use a professional tax relief company to represent you on your behalf.
The Offer in Compromise (OIC) program under the IRS Fresh Startprogram is an agreement that allows taxpayers to resolve their tax debt for less than the full amount they owe. The IRS requires that you be up to date with all tax returns before you are considered for the Fresh Start program. The IRS Fresh Start Tax Program can help you reduce this amount or even completely exempt you from these penalties.
To meet the requirements of the IRS Fresh Start Initiative, you must be able to show that paying your tax balance would cause you significant financial difficulties. This firm has been in business for 10 years and employs tax attorneys who can help you navigate the IRS Fresh Start Program and its complexities. Next, we'll discuss the details of your situation with you to identify which Fresh Start tax program option is the most appropriate. The primary goal of the IRS Fresh Start Tax Program is to reduce the burden of back taxes on citizens and small businesses during temporary financial difficulties.
The IRS will not accept a request for tax relief through the Fresh Start Initiative without sufficient evidence. To get the Fresh Start tax relief without interference from the IRS, the taxpayer must currently be in a non-collectible state. If your financial situation doesn't allow you to pay your back taxes all at once, the IRS Fresh Start Program makes provisions for making payments through an installment agreement. If you're looking for a tax assistance company to help you negotiate with IRS programs, such as payment plans, commitment offers, or reduction of penalties under the Fresh Start Initiative, Stop IRS Debt could be a smart choice.
The severity of your financial difficulties determines what type of Fresh Start tax program is available to you. Once again, the Fresh Start program helps you pay off your tax debt affordably, without the risk of going into debt. You may think that the IRS's Fresh Start initiative seems like a great idea, but you also might not be sure if you qualify for any type of tax relief.