You can also apply for the IRS debt forgiveness program if you are self-employed and have suffered a loss of income of at least 25%. If you have the resources to pay a partial amount of your tax debt to the IRS, there is still hope. You can apply for the IRS government's payment plan called the Pledge Offer (OIC) to resolve the remaining amount. Depending on your financial capacity and your acceptance, the IRS significantly reduces the total debt you can pay.
This reduced amount can be paid in a lump sum or in fixed monthly payments. Once again, the Fresh Start program helps you pay off your tax debt affordably, without the risk of going into debt. The IRS Fresh Start program is another term for the agency's various debt forgiveness options. If you don't want to enroll online, you can always make a proposal for the IRS Fresh Start Program by filling out and submitting an IRS Form 9465 that is available to the IRS government.
Understanding your tax debt and dealing with the IRS isn't easy to do alone, even with available programs like Fresh Start. Those applying for the IRS Fresh Start Program must follow the guidelines set by the IRS for all previous and existing tax returns. To make it easier for taxpayers to qualify for an OCI, the IRS has expanded its Fresh Start initiative. The IRS Fresh Start initiative allows for the forgiveness of credits against your earned income to reduce the total amount owed, in some cases to zero.