NEW IRS FRESH START
Offer in Compromise Program
Reduce and Eliminate
IRS Penalties and Interest
New IRS rules has made it easier to settle a taxpayer's back tax debt and eliminate, not only the penalties and interest, but much of a taxpayer's principle tax liability. The Internal Revenue Service (IRS) has expanded their Fresh Start settlement program through the easing of the eligibility and qualification rules regarding an Offer in Compromise.
Below are four (4) "tips" that should explain to you, the struggling taxpayer, how it may be possible to find tax relief and obtain a fresh start for yourself. The egregious IRS Penalties are one of the biggest burdens a struggling taxpayer faces when they are trying to resolve a delinquent tax bill. The IRS' Fresh Start Penalty Relief Initiative can give a qualified taxpayer a six (6) year extension to fully pay their 2011 tax debt. Interest will still apply and accumulate from April 15, 2012 until the tax debt is paid in full, but a taxpayer will not have "failure to pay" penalties if the tax debt is paid by October 15th, 2012.
- IRS Penalties - The penalty relief portion of the IRS fresh start initiative relieves some unemployed taxpayers from the "failure to pay" penalties. Penalty relief is available to wage earners who have been unemployed at least 30 consecutive days during 2011 oir 2012. To qualify you must not exceed $200,000 in income if married filing jointly or $100,000 if filing single, married filing separately, head of household or qualifying widow/widower.
- Installment Agreement - The IRS term for a payment plan is the Installment Agreement. The Fresh Start Initiative gives a taxpayer the ability to use a streamlined installment agreement to pay their tax debt. The new threshold for requesting an installment agreement has been raised to $50,000 from the previous $25,000. A Streamlined Installment Agreement requires limited financial information which means there is less burden on the taxpayer entering into a payment plan with the IRS. The maximum payment term for a streamlined installment agreement has been raised from the previous five (5) year agreement to the present six () payment plan. If your tax debt is more than $50,000 you will need to complete an IRS Collection Information Statement (IRS Form 433-A or IRS Form 433-F). To qualify for a streamlined installment agreement, a taxpayer will have to agree to direct debit payments. A taxpayer could go to the IRS.gov website and agree to a payment plan by bringing up the On-line Payment Agreement (OPA) page. PLEASE NOTE: Yes, you can enter into a payment plan with the IRS "all by yourself" but our IRS tax relief team at Flat fee tax Service, Inc. doe not recommend that. Find out if you can settle your tax debt first. Why would you enter into a payment plan for more than you have to pay? Consult with an experienced IRS Tax Attorney first. Consultations are free. Get a 2nd opinion.
- Offer in Compromise - The IRS in 2011 came out with their Fresh Start program which expanded a taxpayer's ability to settle their back tax liability. The 2011 IRS Offer in Compromise Fresh Start program expanded settlements to cover a larger group of struggling taxpayers. In 2012, the IRS has been dragged, kicking and screaming, to face the current realities facing the taxpayers of the United States. The IRS has further expanded the Fresh Start program. A financially struggling taxpayer would be silly and foolish not to look at settling with the IRS. A successful Offer in Compromise will settle a tax debt and give you a new lease on life. An Offer in Compromise is a settlemenet agreement between the IRS and a taxpayer that will settle the taxpayer's tax debt for less than the amount owed. It's no secret that taxpayers are struggling financially during this economic downturn. As previously written, the IRS has been forced to recognize that taxpayers continue to struggle to pay not only their tax burden but their everyday living expenses. As an example, the IRS now considers credit card payments as well as student loan payments when calculating an Offer to settle. Although the IRS has adopted some "common sense" changes to their Offer in Compromise program, make no mistake and forget that the IRS is still is the most powerful collection agency in the world. The primary job of the IRS is to collect as much money as quickly as they possibly can, as quickly as they can. No matter how worthy you are to have your back tax debt settled, the IRS will always look to reject your Offer of settlement. Always have an experienced IRS Tax Attorney, who has a successful track record of Offer in Compromise settlements, prepare, package and present your settlement offer to the IRS
- Currently not Collectible - If you are struggling mightily to pay your everyday expenses, you may not have to pay the IRS anything. That's right. You may be declared to be Current not Collectible which means the IRS will leave you alone for a period of time which "now a days" means 3 years. At anytime, the IRS may request verification of your financial status and you will need to follow through and provide it to the IRS. If nothing has changed, you may have to enter into some sort of Installment Agreement or an Offer in Compromise may be the best step for you to take. Now, under every IRS rule and regulation that "helps" a taxpayer, is a land mine for a taxpayer to step on. You don't have to "blow yourself up." You can have have a diligent, experienced and credible IRS professional represent you at an affordable fee.
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Do you qualify for an IRS settlement? Are you eligible for a fresh start in life? Can you settle for less through the IRS Fresh Start Offer in compromise program. Can you be declared to be Currently not Collectible? Call me. I am Dave Rosa, the V.P. of Client relations at Flat Fee Tax Service, Inc. I will provide you with your free and confidential consultation. You will not know what can be done for you until you have an honest evaluation.
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