Even the most conscientious small company owner can fall behind on their tax obligations. Every year, many are unable to pay the Internal Revenue Service on time due to unanticipated delays, fees, and other financial challenges.

Regardless of how you accumulated the tax obligation, it is critical that you take action right now. While the IRS is unlikely to “forgive and forget” about your tax obligation, they do offer many options to assist you pay down and eventually remove the remaining sum. Several of these possibilities are covered under the Fresh Start program.

What is the IRS Fresh Start program?

The IRS’s Fresh Start initiative, launched in 2011, is an umbrella phrase for a collection of services accessible to individual taxpayers and small businesses that owe money to Uncle Sam. Following the Great Recession of 2008, the IRS created Fresh Start to assist struggling taxpayers in getting back on track. The initiative is intended to make it simpler for people to legitimately get out from
under tax arrears and penalties. Some choices may allow you to reduce or freeze your debt. Others allow you to pay off your debt in smaller installments over time.

The Fresh Start Program is a set of tax code adjustments. It provides varied amounts of relief and repayment choices based on each applicant’s individual financial condition. The IRS began the Fresh Start project in 2011 with the goal of assisting more taxpayers in regaining good standing. The program prioritizes the facilitation of fair repayment choices above the imposition of fines.

Do I Satisfy the Specifications for the IRS Fresh Start Program?

To begin, you should be aware that the IRS has created its Fresh Start tax program to be accessible to all taxpaying citizens. Because there is so much variation within the program, you should be able to discover at least one good debt relief channel. However, because of the intricacy of the IRS Fresh Start Initiative, you have everything to gain by consulting with a tax professional when determining what options are open to you.

The only trampoline you’ll have to go through is current tax returns. Before you may be considered for the Fresh Start program, the IRS requires that you be fully current on all tax returns. You must also have the proper amount of withholdings for the current fiscal year. This is the IRS’s approach to ensuring that it can rely on taxpayers to be honest.

However, there are some basic requirements to know about:

• Self-employed people must demonstrate a 25% decrease in net income.
• Joint filers cannot make more than $200,000 each year.
• Single filers are not allowed to earn more than $100,000 per year.
• Your tax balance must be less than $50,000 before the end of the year.

How do I know which Fresh Start program is right for me?

Dealing with the IRS may be a complicated and frustrating affair, especially if you are requesting assistance with your past taxes, and understanding the Fresh Start alternatives can be daunting. In reality, the IRS dismisses many tax relief petitions owing to missing or erroneous information. That’s why consulting with a tax professional—such as a tax attorney, enrolled agent, CPA, or tax resolution firm—to identify which program is best for you is always a smart option.

How to Apply for the Internal Revenue Service’s Fresh Start Program?

The IRS offers eligibility paperwork for each of the relief options available through its Fresh Start program. It is your responsibility to complete these forms completely and truthfully. By enlisting the assistance of a tax expert, you can avoid much of the complexity and worry that may accompany the process. A professional may also assist you in ensuring that you are adhering to all criteria and applying to the ideal program for you.

How Do We Assist?

If you’re late on your taxes, you may also be behind on your books. But don’t be too hard on yourself—getting caught up can be a daunting and time-consuming endeavor. A competent financial professional can relieve you of this stress, allowing you to focus less on tax issues and more on day-to-day business operations.

First, we’ll analyze any potential penalties or interest costs that you should be aware of between now and the time you’re authorized for a relief option. Following that, we’ll look through the specifics of your circumstance with you to determine which Fresh Start tax program choice is the greatest fit for you. We’ll then guide you through each stage of the application process in an attempt to maximize your chances of being approved swiftly. 

Because we understand the IRS’s language, we can assist our customers with all aspects of the application process. Furthermore, after you have been accepted into the Fresh Start program, our staff are available to assist you in your tax journey to guarantee that you remain in full compliance. This might involve assisting you in filing your taxes on time in the future to prevent breaking your agreement. Give us a call now to find out how you may earn considerable tax relief this year via the IRS Fresh Start program.