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The IRS FRESH START INITIATIVE is designed to help individual and small business taxpayers pay their back taxes and avoid or abate federal tax liens. The initiative provides for revised guidelines on tax lien filings, amended terms for installment agreements, and relaxed parameters for income and asset valuations when considering an Offer-In-Compromise to settle tax debts for less than the full amount owed.
Under the IRS Fresh Start Initiative, they have raised the filing threshold for a NOTICE OF FEDERAL TAX LIEN from $5,000 to $10,000. This means that if you have an unpaid tax liability of less than $10,000, the IRS generally will not file a tax lien to secure its interests against your assets for the unpaid tax. If you owe more than $10,000 in back taxes, have received a Notice and Demand for payment from the IRS and you can't pay it in a lump sum, or you generally want to avoid collection enforcement actions by the IRS, then the Fresh Start Initiative's streamlined INSTALLMENT AGREEMENT may be for you. With a Streamlined Installment Agreement, eligible individual and small business taxpayers owe $50,000 or less in unpaid taxes (including penalties and interests) are allowed to pay their taxes in monthly installments over a period of up to 72 months. They are also no longer required to provide a full financial disclosure to qualify.
For taxpayers unable to fully pay their unpaid taxes over the maximum term of an installment agreement (72 months), an IRS OFFER IN COMPROMISE (IRS OIC) provides an opportunity to settle the tax debt for less than the full amount owed. Under the revised guidelines of the IRS Fresh Start Initiative, the benchmark period against which the IRS evaluates whether a proposed settlement represents the maximum recovery the IRS can expect to collect for the unpaid tax has been significantly reduced, resulting in smaller settlement payments than were previously required from qualifying taxpayers.
With terms favorable to more taxpayers than ever before, now is the time to resolve your tax problems once and for all, and get the fresh start you deserve. Harris Tax and Financial Solutions is the answer you have been waiting for.
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