Does The IRS Fresh Start Program Actually Eliminate Tax Debt?
Taxpayers who are unable to pay their tax debts to the Internal Revenue Service (IRS) face a tough situation. With tax debt, it is more difficult to get and retain a job, as well as to receive affordable financing of any type. As a mainstream topic due to the recent COVID-19 pandemic, the IRS Fresh Start Program is being recognized as a way out of your difficult tax debt issues. Today we ponder the question, does the IRS Fresh Start Program actually eliminate tax debt?
What Is It & What Does It Do?
The IRS Fresh Start program is a tax relief program that provides taxpayers with an opportunity to have their taxes adjusted and assessed by the IRS. This can be very beneficial for those who owe back taxes, are in debt, or just want to better assess their current financial situation. The IRS Fresh Start Program has many benefits including:
Reducing your income tax liability
Eliminating penalties and interest on your debts
Avoiding liens and levies on your assets
Creating a new payment plan with the IRS if you cannot afford payments now
Why A Relief Program?
Because the IRS acknowledges that many taxpayers are still struggling to pay their debts, it has implemented common-sense improvements to the OIC program that better reflect real-world circumstances. The financial analysis used to determine whether taxpayers are eligible for an OIC is the subject of this expansion. These modifications also allow certain taxpayers to address their tax issues in as little as two years, as opposed to the four or five years required previously.
If you've found yourself in a nasty mess with the IRS, take a deep breath. It'll be okay. Unpaid back taxes may be the biggest issue that taxpayers face, but the resolution may be very simple. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program! Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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