IRS Fresh Start Program 2024: For taxpayers who are struggling with their federal tax debt, The IRS Fresh Start Program, also known as the IRS Fresh Start Initiative, is available to assist them. This program provides tax relief programs to make managing your tax debt more easy.
IRS Fresh Start Program 2024
The IRS Fresh Start Tax Program, also known as the Fresh Start Initiative, was introduced in 2011 by the United States Federal Government. Taxpayers who are eligible and apply can significantly lessen their federal tax debt. In a few cases, taxpayers may be able to lessen 90% or more of what they owe.
The Fresh Start Program was designed to assist eligible individuals who are stuck in debt to reduce the amount they owe, so they can get back on track with their tax payments and start making plans for their financial future.
If you qualify for Fresh Start tax relief, it can help you to save months or even years of payments to the IRS. It also allows you to utilize these amounts to support your family, improve your community, start a business, and complete your education.
How does the IRS Fresh Start Program work?
If you want to know about the working process of IRS Fresh Start Program 2024 let’s assume a taxpayer who owes the IRS $15,000 because of years of back taxes, plus compounded interest and penalties. This taxpayer is also out of work, and it is very hard for him to afford utilities and living expenses.
They may not have the means to pay the IRS the amount they owe, and they may never have the resources to repay the IRS the $15,000. According to the Fresh Start Program, the IRS cannot collect more than taxpayers can easily pay. After submitting the application form, it will be received and processed by the IRS, they will inform you whether you qualify for Fresh Start tax relief. If your application form is approved, you can find out the new amount of their payment.
Is the IRS Fresh Start Program Legitimate?
Yes, the IRS Fresh Start Program is a legitimate scheme that the IRS introduced to help those taxpayers who are facing financial hardships with their tax obligations.
The main objective of this program is to provide taxpayers with options to settle their tax debts by streamlined processes, manageable repayment plans, and potentially reduced payment amounts.
Taxpayers who owe a maximum of $10,000 to the IRS will be eligible for the Fresh Start Program, which has helped numerous individuals and businesses address their tax challenges and get relief from outstanding tax liabilities.
What are the requirements of IRS Fresh Start Program 2024?
To get tax relief from the IRS Fresh Start Programs, you need to satisfy the qualifying requirements. Most taxpayers can qualify for a simple Installment Agreement, other programs that can reduce the amount you owe have more strict qualifying requirements.
To qualify for IRS fresh start programs like Offer in Compromise or Currently Non Collectible status, you need to prove that paying your tax balance would become a reason for significant financial hardship for you.
The severity of your financial hardship determines which Fresh Start Programs are available to you, and to what extent you can have your debt forgiven.
- Any taxpayer who owes back taxes and is struggling to pay them can qualify for this program
- To qualify, individuals must owe no more than $50,000 in combined back taxes, interest, and penalties and be current on all federal tax filings. Small business owners with at least $25,000 in payroll taxes can also qualify.
- Applicants must have filed all tax returns for the last three years.
- Individuals need to agree to pay their taxes within six years.
- Applicants need to have made all required estimated tax payments for the current tax year.
- Individuals have not been involved in any tax evasion or fraud activities.
If you meet all the above requirements, it can help you to complete the application for the IRS Fresh Start program. If you face any difficulty then it is advised to you please consult with an expert to get assistance.
How to apply for the IRS Fresh Start Program 2024?
Steps to apply for the IRS Fresh Start Program 2024 are listed below.
- Check the eligibility requirements of the required Fresh Start Program for which you want to apply.
- Gather all required documentation for the Fresh Start Program application such as personal and financial information. This may include income statements, bank records, copies of your tax return, and proof of monthly income and expenses.
- Navigate to the https://www.irs.gov/payments/get-help-with-tax-debt website.
- Locate the Fresh Start program available options and then select one of them.
- Enter the required details or fill out the required form according to the selected Fresh Start program. For instance, If you choose an OIC, you need to submit Form 656 with Form 433-A (individuals) or Form 433-B (businesses).
- Some Fresh Start options (such as OIC) require a non-refundable application fee that an individual can pay electronically or by mail.
- Submit your application form.
