It can take 7 to 12 months before it's approved, which means months of payments while it's being reviewed. After you apply for an OCI, you are no longer allowed to use any tax credits or other benefits the following year. You should also lose any tax refund the following year. Refunds apply to your tax debt.
The new IRS initiative to start helps taxpayers who owe taxes The program was designed to give first-time tax offenders the opportunity to fix things. It allows taxpayers to pay off their tax debts over six years with monthly payments that are decided based on how much they currently earn and the value of their liquid assets. Most of the time they finally settle all their outstanding dues within 6 years. Find out what the IRS Fresh Start program entails and find out if you qualify for this money-saving initiative.
While the IRS Fresh Start initiative offers an easier way for taxpayers to address back taxes, it's not always easy to navigate the program on your own. Even though thousands of people are informed about the IRS Fresh Start Program every year, many people don't know it exists, or they immediately rule it out as an option. Like the useful changes in the commitment offer option, the Fresh Start initiative also introduced more beneficial terms for installment payments. If you have problems with back taxes and are concerned about being up to date (and keeping) up to date with your tax payments, you may qualify for assistance under an IRS initiative called Fresh Start.
The IRS will not accept a request for tax relief through the Fresh Start Initiative without sufficient evidence. You also need to quickly submit all future returns in order to enroll in the Fresh Start program. While the Fresh Start initiative is not a program you can apply to, it does have specific eligibility requirements that you must meet before you can take advantage of changes in the IRS rules on back taxes. The IRS Fresh Start Program is a set of practical policies and plans that offer various types of help to businesses.
With the Fresh Start initiative, the IRS has more flexibility in determining your eligibility and evaluates your collection potential much more favorably. The Fresh Start provisions give more taxpayers the ability to use simplified installment agreements to catch up with back taxes and also more time to pay. With the Fresh Start program, you can also negotiate an agreement that allows you to pay your back taxes for up to six years. For more information on how to apply for the IRS Fresh Start Program, contact us for a free review of your tax case.
Overall, the Fresh Start program is good for those who can afford the monthly payment amount and are looking to improve or maintain their credit. They evaluate your case, understand the relevant facts, and then sit down with you to discuss your options, including the IRS Fresh Start Program. Through the Fresh Start Program, taxpayers can choose to pay the IRS a regular monthly payment instead of the entire debt all at once.
