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Fresh Start Initiative
The ultra-rich do not pay their fair share of taxes, according to recent IRS data—in fact, the middle and upper classes shoulder most of the tax burden. A household earning about $70,000 a year will pay around 14% in federal taxes, and if you are in this category, you may have received a large tax bill that you can’t pay off right away.
The good news is that there are legal ways for you to manage that tax bill without getting into trouble. One way is through the Fresh Start initiative, a tax relief program. Learn everything you need to know about it below.
What Is the IRS Fresh Start Program?
Receiving a tax bill that you can’t pay off in one lump sum is one of the most common tax problems in the country. That’s why the IRS offers tax relief help through the IRS Fresh Start initiative.
Let’s be clear: the IRS Fresh Start isn’t a singular solution. It’s a number of IRS relief programs offered by the agency.
Some of the most common relief options available to taxpayers under the Fresh Start tax program include:
- Offer in Compromise (OIC)
- Installment Agreements (IA)
- Currently Non-Collectible
- Penalty Abatement
- Innocent Spouse Relief
While not everyone will qualify for these options, the IRS will work with you on an individual basis to determine what relief option best fits your situation. Both the IRS and taxpayers benefit from the Fresh Start program.
Do I Qualify for the IRS Fresh Start Program?
You might think the IRS Fresh Start initiative sounds like a great idea, but you also might not be sure if you qualify for any type of tax relief.
But the IRS offers tax relief solutions for taxpayers at every level of the financial spectrum. That means you likely qualify for some type of relief, depending on your specific financial situation. To learn more about which tax relief programs you qualify for, consider reaching out to a tax professional for more help.
IRS Fresh Start Program Qualifications
“Fresh Start initiative 2020” was a trending search term a few years ago, but the current economic situation suggests interest in tax relief help hasn’t waned. Here are a few of the qualifications necessary to qualify for tax debt relief:
- You’re self-employed and had a drop in income of at least 25%
- You’re single and have an income of less than $100,000
- You’re married and have an income of less than $200,000
- Your tax debt balance is less than $50,000
The most important requirement is owing a debt to the IRS that you can’t reasonably pay off right away.
When to Consider the Fresh Start Program
You should consider learning more about the Fresh Start Program if you’re a taxpayer with a massive tax debt burden that you can’t pay off immediately. This tax relief program can also help you if paying off your debt would cause you financial hardship.
Is the Fresh Start Program Legit?
We know what you’re thinking—this Fresh Start Program seems too good to be true! The good news is that the IRS forgiveness program is 100% legitimate.
If you have similar questions, check out our free tax help resources for more information.
Is the Fresh Start Program a Good Idea?
In a nutshell, yes! The Fresh Start initiative is beneficial for both the IRS and you as a taxpayer. The IRS wins because they’ll receive some form of payment rather than simply getting ghosted by the taxpayer. The taxpayer wins because they’ll get back in good standing with the IRS, which means they won’t get hit with levies, liens, wage garnishments, criminal penalties, fines, and more.
Will There Be a Penalty for Using the Fresh Start Program?
No. The IRS won’t penalize you for attempting to work with them to pay off your tax debt. If you feel uncomfortable or nervous about getting penalized, then consider speaking with a tax attorney before getting in touch with an IRS agent. A good tax representative can help you fully understand your rights, options, and best course of action moving forward.
How Does the Fresh Start Initiative Work?
The program is simple. You will send your tax documents to the IRS and say that you can’t pay your debt in full. You’ll be required to fill out some forms that explain your financial situation. The IRS will look at everything and come up with a reasonable arrangement that is good for both of you.
How to Apply for the IRS Fresh Start Program
To apply for back tax relief, you’ll first need to ensure all your previous tax returns are filed and current. From there, you’ll want to discuss your situation with a tax expert to determine which type of relief to seek out. You’ll then contact the IRS, fill out several tax documents, and hopefully reach an agreement.
Do You Have More Tax Questions?
After reading this article, you should understand that the Fresh Start tax initiative can help people who owe money to the IRS. If you can’t pay your taxes in full, this might be a good option for you. However, you might be hesitant to reach out to the IRS directly, or you might not know how to file your past tax returns. This is usually a prerequisite for being eligible for any type of tax debt relief.
Our team of tax experts can help you navigate your tax issues every step of the way. Our team is made up of tax attorneys, CPAs, certified tax consultants, enrolled agents, and more. Regardless of your tax situation, we can help. Contact us now at (800) 264-1869 to get started on finding tax debt relief today.
