The Fresh Start Program, initiated by the Internal Revenue Service (IRS), aims to provide taxpayers with a renewed opportunity to resolve their tax liabilities and achieve a fresh financial start. This program offers several provisions designed to help individuals and small businesses manage their tax debts more effectively.
Key features of the Fresh Start Program include:
- Installment Agreements: The program offers expanded options for setting up installment agreements, allowing taxpayers to pay off their tax debts over an extended period in manageable monthly installments.
- Offer in Compromise: The Fresh Start Program eases the criteria for qualifying for an offer in compromise, allowing eligible taxpayers to settle their tax debts for less than the total amount owed.
- Tax Lien Relief: The program provides relief for taxpayers by making it easier to obtain lien releases after meeting certain payment terms, helping them regain financial stability.
- Partial Payment Installment Agreements: Under this provision, taxpayers with limited ability to pay can establish installment agreements based on their financial situation, potentially reducing the total debt paid.
CPA CLINICS assists taxpayers in navigating the complexities of the Fresh Start Program. Our dedicated professionals provide tailored guidance, help clients assess their eligibility, and work diligently to secure the best possible outcomes. Whether negotiating installment agreements, pursuing offers in compromise, or seeking lien relief, CPA CLINICS expertise ensures that taxpayers can make the most of the Fresh Start Program, easing their tax burdens and achieving a fresh financial beginning.
