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For many taxpayers who owe back taxes to the Internal Revenue Service, it is hard to settle tax debt. The added expenses and penalties associated with being unable to pay off a large sum of debt at one time complicate matters and can overwhelm taxpayers. However, the IRS established the Fresh Start Initiative, which is meant to alleviate the stress and weight of tax debt and allow taxpayers to move toward financial stability. Below is some information about the program, including payment methods that taxpayers can use to get rid of their tax debt.
History and Purpose
Credit: LendingMemo
The IRS established the Fresh Start Initiative in 2011.
Formerly referred to as the Fresh Start Program, the Fresh Start Initiative is
a set of tax code changes that were made to help more people struggling to
repay tax bills. This program is meant to help taxpayers, including small
business owners, who are willing but unable to pay off their tax debt. The goal
is to offer assistance to taxpayers without the threat or added expense of
liens and penalty fees.
Fresh Start Repayment Methods
For most individuals, it is best that they reach out to the IRS directly and avoid contracting third-party firms to protect themselves from fraud and scams. There are three main options available to those seeking assistance in paying off their IRS tax debt. Decide which of the following methods is the most appropriate for you.
Payment Plan: The instalment payment plan is one that is likely to help the majority of taxpayers seeking to resolve their debt. It is in place to reduce the fees and penalties associated with paying late and can even help some on short-term payment plans to avoid fees altogether. Short-term plans are usually less than 120 days (roughly four months) and the terms for these plans and the… Read More
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