An Explanative Guide on IRS Fresh Start Program
Most of the governments to the as many sources of revenue, but taxes are the main source and that is very important to understand as an individual or 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. However, if you already, all the IRS money it is very important that you can avoid damaging your name by finding solutions to that. You need to find your peace of mind because sometimes you will not find it if you know that you all them the money. One of the recommendations that you need to think about is the IRS fresh start program. 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. Basically, it means that every month has to make a payment based on the value of your liquid assets, but also on your income. There are many consequences that come with owing money to the IRS and this program is very helpful in avoiding those consequences. Therefore, it is possible to apply for this program and avoid consequences like I amount of interest, tax liens and expensive penalties. You will also be avoiding wage garnishment and the seizing of your asset 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. You need to read more about the installment agreement which has many types like guaranteed, streamlined, protein and also in business installment. Also discover more about the offer in compromise especially if you owe a large amount of money. It is also important that you can read more about qualifications for you to start this program as you also learn more about the application program. If you don’t have a team to help you out is very important that you can find tax professionals as you also discover more here on the application process.