Did You Know that the IRS Offers a Fresh Start Program?

Many Americans are facing tax problem with the IRS. The recent economic downturn made it difficult for many to make their required tax payments and, as a result, tax debts increased. The problems only increased from there as normally law abiding citizens faced tax liens and levies and even criminal prosecution.

Fortunately, there are options available to alleviate this problem and resume a life in which the IRS no longer figures prominently. One such way is through the IRS Fresh Start Program. If you owe Federal or State Tax debt and have an interesting in seeking ways to deal with it, the tax attorneys at the Law Offices of Thomas W. Lynch & Associates can help.

If you are struggling with overwhelming tax debt, contact the Law Offices of Thomas W. Lynch & Associates to learn more about how you might benefit from the IRS Fresh Start Program. We can be reached by calling (708) 598-5999 or by completing our online request form.

What Is the IRS Fresh Start Program?

The IRS Fresh Start Program was created in 2011 as a way to enable struggling taxpayers to pay off their back taxes and avoid tax liens and levies. Each year since, the IRS has made changes to the program to increase the thresholds and advantages for taxpayers.

Both individual tax-payers and small businesses are eligible to benefit under this program. The program can be broken down into three important features:

  • Tax Lien Relief: As part of the Fresh Start Program, the IRS raised the amount that taxpayers must owe before a lien can be placed on their property to $10,000. However, there are some exceptions in which the IRS may institute a lien on taxpayers who owe less than that.
    Additionally, the IRS may withdraw a lien on a taxpayer’s property if they have arranged a payment agreement through direct debit installments. This lien will be reinstated, however, if the taxpayer defaults on installment payments.
  • Installment Agreements: Under the Fresh Start Program, taxpayers who owe $50,000 or less in back taxes can make arrangements for installment payments through a direct debit system. Under this system, the taxpayers can spread their installment payment over a maximum of six years. For those who owe more than $50,000 or feel that they need more than six years to complete their payment agreements, the I RS will need financial statements and the completion of either Form 433-A or Form 433-F.
  • Offers in Compromise: This program allows those who owe a significant amount in back taxes to settle their debt at less than the full amount owed.   For a variety of reasons, this Law Office is not at all enthusiastic about the IRS Offer in Compromise program as a way of dealing with Tax Debt, however, under the provisions of the Fresh Start Program IRS representatives are supposed to be given more flexibility when determining a taxpayer’s ability to pay, which could increase your likelihood of negotiating a lower total debt if you are truly struggling financially. Those with the fiscal means to easily pay off their debt will not be eligible for offers in compromise.

Tax attorneys at The Law Offices of Thomas W. Lynch & Associates can help you get the most out of the IRS Fresh Start Program. Contact us now at (708) 598-5999 or through our Web request form and we can arrange a free consultation with one of our experienced tax lawyers.

Our Tax Attorneys Can Help You Get the Tax Relief You Deserve

There is no reason to struggle with tax problems or dealing with the IRS on your own. When you work with a qualified tax attorney, you will be able to count on the most advantageous outcome. Some of the tax lawyers at Thomas W. Lynch & Associates have previous experience working for the IRS so they understand how the system works and can use this understanding to assist you in achieving a favorable result.

Our law firm offers convenient evening and weekend hours and our rates are very competitive. Let us show you how we can save you more money than we will charge in fees. Even without the monetary savings you will receive, the peace-of-mind that accompanies clearing up tax problems is priceless.

Ignoring tax problems often only makes them worse. Take advantage of this tax debt relief program before it’s too late. You can discuss your options with a qualified tax attorney. An initial consultation is free so you have nothing to lose and everything to gain. Call us at (708) 598-5999 or complete our online request form NOW!