All You Need to Know about the IRS Fresh Start Program
Understanding that taxes are the main sources of revenue for most of the government in the world is very important as an individual or a business. This will help you a lot in knowing the consequences of not filing your taxes on time and also the right amount with a business or an individual. If you are among the many Americans that owe the IRS money, it is very important to find a solution or a way out to avoid damaging your name. You need to find your peace of mind because sometimes you will not find it if you know that you all them the money. The IRS fresh start program is one of the solutions need to be thinking more about. Discussed more below are some guidelines on IRS fresh start program.
This program was introduced specifically to is in the financial burden of taxpayers which resulted from the economic crash and was introduced in 2008, but was explained in 2012 and it is a great program that you can think more about. However, you need to understand that the program is not here to eliminate the debt to the IRS altogether, but instead, it provides you with better options of settling your debt in the six-year period. Therefore, it is a program that will expect you to be every month based on your income as well as the current value of your liquid assets. There are many consequences that come with owing money to the IRS and this program is very helpful in avoiding those consequences. This program becomes very helpful for avoiding consequences like a high amount of interest, tax liens, and other expensive penalties. It will also help you to avoid wage garnishments and the seizure of assets to pay back the debt.
If you decide to apply for this program, you also need to understand that the different payment options available for you. One of them is the installment agreement which has are different subcategories such as in business, streamlined, guaranteed and also routine agreements. If your case is different and you all them a large amount of money then you need to read more about the offer in compromise which is another payment option. Take attempt to also discover if you qualify for this program because not everyone qualifies to start using the IRS fresh start program as you also take your time to learn more about how to apply for this program. You can read here to understand the application process as you also seek professional tax preparers to help you out.