Struggling With Paying Your Taxes? Explore The IRS Fresh Start Initiative For A Fresh Start
The IRS Fresh Start initiative makes it easier for individual and small business taxpayers to pay back taxes and avoid tax liens. The Fresh Start initiative fundamentally changes IRS Collection practices in the following areas:
- Notice of Federal Tax Liens: The IRS Fresh Start Initiative increased the IRS Notice of Federal Tax Lien filing threshold from $5,000 to $10,000; however, Notices of Federal Tax Liens may still be filed on amounts less than $10,000 when circumstances warrant.
- Installment Agreements: The IRS Fresh Start Initiative increased the threshold for streamlined installment agreements to $50,000 from $25,000 while increasing the term to 72 months and offering expedited Offer In Compromises.If your debt is more than $50,000, you’ll still need to supply the IRS with a Collection Information Statement ( Form 433-A or Form 433-F ). You also can pay your balance down to $50,000 or less to qualify for this payment option.With an installment agreement, you’ll pay less in penalties, but interest continues to accrue on the outstanding balance. In order to qualify for the new expanded streamlined installment agreement, you must agree to monthly direct debit payments.
The Fresh Start Initiative offers you a chance to get some, if not all, of the financial burden off your back. No matter what you owe, paying off just some of your debts is a step in the right direction.
Our goal at Tax Samaritan is to provide the best counsel, advocacy and personal service for our clients. We are not only tax preparation and representation experts, but strive to become valued business partners. Tax Samaritan is committed to understanding our client’s unique needs; every tax situation is different and requires a personal approach in providing realistic and effective solutions.
Choosing the most appropriate IRS tax debt resolution plan is an important step for the successful resolution of IRS tax debt. Therefore, taxpayers that are not confident about resolving their tax problem themselves may contact us for help. Please click the button below to request a Tax Resolution Quote today to get started with the preparation of your returns under the IRS Fresh Start Initiative.
Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.
When looking for a tax professional, choose carefully. We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).
Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.