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The New IRS tax relief initiative is called the Fresh Start Initiative.

The Internal Revenue Service is offering tax relief for taxpayers who owe back taxes. As a general rule, the Internal Revenue Service has never offered any programming available to help taxpayers suffering from back tax debt.

Finally , the Internal Revenue Service is starting to offer tax relief for those taxpayers who qualify for the new program.

You should call us today and see if there is a program that matches your particular situation.

Remember,  each case is different and as a general rule there something in this program for everybody.

Expansion of the Fresh Start Initiative.

The Internal Revenue Service has expanded its “Fresh Start” initiative to help struggling taxpayers who owe back taxes.

The following 3 tips explain the expanded relief for taxpayers.

There are different areas providing tax relief.

1. IRS Penalty Relief Part of the initiative relieves some unemployed taxpayers from failure-to-pay penalties.

IRS Penalties are one of the biggest factors a financially distressed taxpayer faces on a tax bill.

The Fresh Start Penalty Relief Initiative gives eligible taxpayers a six-month extension to fully pay 2011 taxes.

IRS Interest still applies on the 2011 taxes from April 17, 2012 until the tax is paid, but you won’t face failure-to-pay penalties if you pay your tax, interest and any other penalties in full by Oct. 15, 2012.

The penalty relief is available to two categories of taxpayers:

1. Wage earners who have been unemployed at least 30 consecutive days
during 2011 or in 2012 up to this year’s April 17 tax deadline.

2.  Self-employed individuals who experienced a 25 percent or greater
reduction in business income in 2011 due to the economy.

To qualify for this penalty relief, your adjusted gross income must not exceed $200,000 if married filing jointly or $100,000 if your filing status is single, married filing separately, head of household, or qualifying widower.

Your 2011 balance due can not exceed $50,000.

2. IRS Installment agreements or payment agreements.

An installment or payment agreement is a payment option for those who cannot pay their entire tax bill by the due date.

The Fresh Start provisions give more taxpayers the ability to use streamlined installment agreements to catch up on back taxes and also more time to pay.

The new threshold for requesting an installment agreement has been raised from $25,000 to $50,000. This option requires limited financial information, meaning far less burden to the taxpayer.

The maximum term for streamlined installment agreements has been raised to six years from the current five-year maximum.

If your debt is more than $50,000, you’ll still need to supply the IRS with a Collection Information Statement.

You also can pay your balance down to $50,000 or less to qualify for this payment option.This is highly recommended if possible. If you avoid giving the IRS a financial statement it is in your best interest.

With an IRS installment agreement, you’ll pay less in penalties, but interest continues to accrue on the outstanding balance.

In order to qualify for the new expanded streamlined installment agreement, you must agree to monthly direct debit payments.

3. Offer in Compromise or IRS Tax Settlements

Under the first round of Fresh Start in 2011, the IRS expanded the Offer in Compromise  program to cover a larger group of struggling taxpayers.

An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.

The IRS recognizes many taxpayers are still struggling to pay their bills so the agency has been working on more common-sense changes to the OIC program to more closely reflect real-world situations.

An offer in compromise will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.

The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.

Call us today for a no cost professional tax consultation.

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