The IRS has a program called the IRS Fresh Start Program which is designed to help people who are in financial hardship & unable to pay their back taxes in full. This program makes it easier for taxpayers to pay back taxes and avoid tax liens. This applies to both individuals and business owners.
The IRS looks at several factors, including the taxpayer’s income, assets, and reasonable collection potential to determine which taxpayer qualify for Offer in Compromise (OIC) under Fresh Start initiative. Offer in Compromise is an agreement between the IRS and the taxpayer to settle the tax liability for less than the full amount owed. Under the Fresh Start Initiative, the IRS has made revision of future income calculation and expanded the allowable living expense standards and allowances. Understanding the rules, regulations and requirements on your own can be overwhelming. Hiring a team of experts to handle your tax situation may make the most sense and could end up saving you a substantial amount on the tax debt owed. Our team will communicate with the IRS on your behalf in order to negotiate a manageable solution which often involves a significant reduction of the tax liability. We will be with you every step of the way.
Contact our team of tax professionals for a free consultation to learn more about the Fresh Start Program and see how much you can save.
If you owe $10,000 or more in back taxes to the State or IRS, the team of tax experts at Coast One Tax Group is here to help.