Tax debt comes with a burden unlike any other debt. If you thought tax season was bad, there’s no doubting that money owed makes it even worse!
Those with tax debt may have heard about the Fresh Start Program recently released by the IRS and wonder if they qualify. Can you use this program to settle your tax debt? How does the program work? If you want to know more about this IRS program, this blog post is for you!
IRS Fresh Start Program: What is it? How Does It Work?
If you are wondering what the mechanics of this IRS program are, here are a few FAQs that will help you figure out if you qualify and whether it is right for you.
What is it?
The first question is: What is the IRS Fresh Start Program? It is a program designed to help taxpayers better manage their debt and repay their debt in full within six years. This program is meant to ease the financial burden of taxpayers and encourage them to take action to pay their existing debt instead of choosing to run away from it, creating more serious problems in the future.
How does it work?
There are options that the taxpayers can choose from to help them pay off a substantial amount of debt over a long period of time rather than in one lump sum. These options under the Fresh Start Program aim to help burdens that come with large amounts of debt to the IRS.
Who qualifies to apply?
The Fresh Start program is open to all taxpayers who owe the IRS $50,000 or less in tax debt. However, there are additional requirements that must be met in order to be eligible to apply for this program. An applicant must be current in all the filings of all their tax returns, including those from previous years.
Why is it beneficial to apply?
If you feel that you will have a hard time repaying your debt in one go, applying for the Fresh Start Program will help you better manage your expenses, make sure that you are able to repay your debt to the IRS without incurring any serious consequences. The solution to your unique tax situation may come in the form of this program specifically designed to help you ensure that you will remain in compliance with all the standards of the IRS.
Conclusion
Paying your taxes on time is important. If you think that you may be facing potential problems with the IRS, it is unwise to ignore them. Looking into possible solutions on how to repay your IRS debt will help you avoid getting into trouble with the IRS in the long run. It may be possible for you to apply for the Fresh Start program to help you take active steps to solving your tax debts. Working with a tax professional will help you get started on this process if you do not know how to go about it by yourself.
If you are interested to know more about the Fresh Start programs or other tax problems, working with Axiom Tax Resolution Group will do a great deal of good for you! Our trusted tax professionals are ready to find a permanent solution to your tax problems with the IRS. Work with one of our professionals today!
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