Paying taxes you owe to the IRS may be a daunting task when facing financial challenges. Unfortunately, failing to submit the required amount you owe can lead to fines and penalties. The IRS can also freeze your assets and seize your business.
Enrolling in a Fresh Start program allows you to clear your debt and reorganize your finances. Here, we explore avoiding the consequences of back taxes with a debt relief plan. We’ll also mention some of the Fresh Start programs you can consider and the benefits of working with the best tax relief companies.
Getting Your Finances on Track With IRS Fresh Start Program
If you have accumulated tax debt, you can get your finances back on track with the IRS Fr
esh Start program. The first step to this is determining the most suitable category. Some of the options you can consider are an offer in compromise, an IRS installment agreement, penalty abatement, and currently not collectible.
Once you qualify for relief, the IRS will stop any efforts to collect the debt. For example, they will pause efforts to get a court order for seizing your assets or closing your business. They can also release a tax lien, allowing you to sell your properties.
Another way a IRS Fresh Start program can get your finances back on track is by preventing debt accumulation. The IRS will stop interests from accruing when you enroll in a debt relief plan. They will also pause imposing fines, preventing more financial losses.
How to Apply for IRS Fresh Start Program
The IRS requires everyone applying to a debt relief program to meet various requirements. You must also provide specific documents to boost the chances of consideration. In most cases, these vary depending on the program you are applying for and the amount of debt.
For example, when sending a request to be considered for the Currently Not Collectible plan, you must prove you are facing financial challenges. It’s also necessary to show that repaying the debt will lead to severe straining. Some documents you can use to support your application are your pay slip and receipts of your expenses.
When sending your application to a Fresh Start program, you must remit a direct deposit, depending on the selected category. For example, if you choose an offer in compromise, you must remit a $205 nonrefundable fee. The IRS will also require you to send an initial payment equal to 20% of your debt.
Benefits of Getting Tax Resolution Services When Applying for the Fresh Start Program
Determining the most suitable Fresh start program can be tricky due to several choices. Working with the best tax relief companies allows you to simplify this process in many ways. First, such firms have a team of experts who can help you pick the right program based on your financial situation and debt value.
These can also negotiate with the IRS for a suitable repayment program. More reasons to get professional tax resolution services are:
- It can help settle your tax debt for a lower amount
- Tax resolution experts can ensure you submit proper documentation
- You will get legal representation during audits and case proceedings
Another benefit of working with the best tax relief companies is that it allows you to avoid further penalties and fines. With the help of CPAs, you can quickly file back taxes to avoid debt accumulation. It is also possible to support your Fresh Start application with verified financial documents.
Get Your Finances Back on Track With Reliable Tax Resolution Services
Working with reliable tax resolution companies can help you reorganize your finances. At Tax Industry, we have a pool of CPAs and attorneys who can guide you when applying to the IRS Fresh Start program.
- FinishLine Tax Solutions is a full-service, fully accredited tax resolution firm in Houston, TX, assisting companies and individuals nationwide in resolving tax problems with the IRS. We specialize in areas of back taxes such as IRS wage garnishments, IRS bank levies, and unfiled tax returns. Our team of experts comprised of licensed Enrolled Agents, CPAs, & IRS Tax Attorneys can assist you with IRS Audit Representation and Tax Planning. We are one of the leading tax resolution firms in the nation and your go-to tax relief firm that can take you to the Finish Line. Call us today to learn more about our tax relief process and tax resolution services.
- IRS AuditsNovember 17, 2023IRS Audit Defense Strategies: Your Guide to Navigating Tax Challenges
- File back taxesNovember 7, 2023Unlocking the Benefits of the Anchor Program: A Complete Guide to Tax Relief Solutions
- IRS Hardship ProgramOctober 18, 2023Understanding the IRS Hardship Program: A Lifeline for Taxpayers in Distress (H1)
- tax relief servicesOctober 3, 2023How to Deal with Back IRS Taxes: Practical Tips and Solutions