IRS Fresh Start Initiative

OVERVIEW

Launched in 2011 and further expanded since, the IRS Fresh Start Initiative was designed to make it easier for taxpayers and businesses to get a “fresh start” with the IRS. Although expanded, this program initially addressed three key tax relief measures: tax liens, installment agreements and offer in compromises.

HOW THE FRESH START INITIATIVE CHANGED THINGS

Tax Liens: In the past, tax liens were filed if you owed $5,000 or more in back taxes. Now, the threshold has increased to $10,000 or more. When implemented in 2011, this reduced the tax lien filings by over 60%. 

Taxpayers can also request tax lien withdrawals: 1) after the tax is paid in full, 2) the IRS’s collection statute expiration date has come, or 3) if they meet certain requirements while in a direct debit installment agreement.

Installment Agreements: Streamline installment agreements allows taxpayers, including businesses, to set up payment plans with the IRS over a specified period of time without subjecting them to financial disclosure requirements.  While in an installment agreement, the IRS will not issue wage and bank levies and will release levies currently in place, thus putting you back in control of your assets.

For individuals and families, the IRS has increased their streamline installment agreement qualifications from $25,000 total tax debt to $100,000.  However, if you owe between $25,000 and $100,000, you will be required to have your payments directly debited from your pay check or bank account. 

For businesses, there was a time when you could only get a streamline installment payment plan if your total tax balance was $10,000 or less; now you are eligible if you owe up to $25,000. 

If your total balance exceeds the qualification amounts listed above, you can pay down your balance to qualify for a streamline installment agreement.

Offer In Compromise: An Offer In Compromise (OIC) is, in short, a proposed agreement from the taxpayer to the IRS to settle their tax debt for less than the full amount due.  With the Fresh Start Program, the IRS has made it much easier for taxpayers to seek relief by only requiring a 12 to 24 month future income projection when determining their ability to pay the tax debt, opposed to 48-60 month future income projection. 

Your financial obligations and ability to pay can be reduced by the amount you are paying for professional services related to representation before the IRS.

However, submitting your request for an OIC doesn’t guarantee it will be approved. Therefore, a careful analysis of your specific situation will be necessary to determine if an OIC is right for you.  CLICK HERE to learn more about OIC’s.

OUR APPROACH

We understand that dealing with the IRS and state tax authorities can be stressful; however, we also know the devastating effects of ignoring tax problems. Every day we work with taxpayers, just like you, to ease fears, resolve problems, and help you take advantage of what it means to have a fresh start.  Some states even offer amnesty periods where they forgive all or a portion of your penalties and interest, in exchange for you paying your tax in full. Opportunities like these can save you tens of thousands of dollars, so we encourage you to take advantage of savings that so many of our clients have enjoyed. 

SCHEDULE A FREE CONSULTATION

» CLICK HERE «

CALL THE OFFICE

833.7.TAXLEY

WE ARE HERE FOR YOU

M – F  8a – 6p EST

CALL THE OFFICE

833.7.TAXLEY

SCHEDULE A FREE CONSULTATION

» CLICK HERE «

WE ARE HERE FOR YOU

M – F  8a – 6p EST

Top notch service. I had a few tax issues and Taxley handled them all promptly, professionally, and to a successful completion. If I have any tax needs in the future I will be sure to use Taxley…

Jason O. - Philadelphia, PA

Thank you Anisha for your great service, dedication, and your diligence. I am satisfied, relieved, and grateful for taking care of years of on going problems with the IRS. Thanks to you!

Khaled A. - Houston, TX

Anisha is great! She is very knowledgeable, prompt, and friendly. Working with her made tax preparation go smoothly. It was also very convenient to do most of the work through…

Joshua and Latisha H. - Dayton, OH

Anisha is wonderful!! I’m glad I worked with her this tax season. She was very knowledgeable, personable, and prompt. Before we were done working together, I had already referred…

Andrea U. - Atlanta, GA

I give Anisha an A+ for her work on getting my taxes together. She is knowledgeable, extremely bright and kept her word. When I started with Anisha, my taxes were in disarray she…

Albert M. - Dayton, OH
See More Testimonials

Don’t Wait, Get Started Today

Now’s the time to push past your fear of the IRS and get the help you need to fix your tax problems, because tax debt relief is the new reality of self-empowerment and financial freedom. Call the office or schedule a free consultation today.

SCHEDULE A FREE CONSULTATION

» CLICK HERE «

CALL THE OFFICE

833.7.TAXLEY

WE ARE HERE FOR YOU

M – F  8a – 6p EST