IRS Fresh Start Program FAQs
The IRS Fresh Start Program has varying qualifications depending on the specific program you apply to. The requirements are generally as follows:
• Your tax balance must be under $50,000 at the end of the year.
• You must be in compliance with the filing of your tax returns.
Yes, the IRS has up to 10 years to collect back tax debt under the 10 Year Statute of Limitations. After 10 years, any debt will be wiped from the IRS' books. However, there are other factors which may extend the 10-year Status of Limitation.
In order to apply for the IRS Fresh Start Program, taxpayers must first ensure they are in compliance with the filing of all tax returns. Once compliance is established, visit the IRS Online Payment Agreement tool to see what relief options you qualify for and proceed. You can also fill out Form 9465 and mail it to the IRS.
Although it is possible to settle with the IRS on your own, the process can be extremely tedious and difficult to comprehend on your own. It is in your best interest to seek the help of an experienced tax professional when applying for the IRS Fresh Start program.
Yes, the IRS Fresh Start program is legitimate debt forgiveness program announced by the Internal Revenue Service (IRS).
Yes, the IRS Fresh Start program does provide relief for taxpayers facing federal tax liens. The Fresh Start program allows eligible taxpayers a lien release if their current outstanding balance is under $25,000. The Offer In Compromise program can also allow for a lien release, once the balance has been satisfied.
Yes, the IRS Fresh Start program can be beneficial for small business owners facing back tax debt. Small business owners who owe under $25,000 can set up a payment plan with the IRS with 2 years (24 months) to pay off the debt.