In 2013, the IRS expanded its “Fresh Start Initiative” to help more taxpayers become tax compliant and resolve their tax debts. The Fresh Start program extends several existing tax relief measures to help citizens get back on track.
The knowledgeable tax attorneys of McCauley Law Offices, P.C., can determine if you are eligible for any of the expanded provisions of the Fresh Start Initiative and, if so, help you take full advantage of the opportunity. From our law office in Chadds Ford, Pennsylvania, we represent individuals and businesses nationwide in tax resolution.
The IRS Fresh Start Initiative
There are four main prongs to the program:
Tax liens — The Fresh Start Initiative raised the threshold that you can owe before the IRS will initiate liens against your assets. The IRS will not file a Notice of Federal Tax Lien until your tax debt reaches $10,000 (with some exceptions), providing extra breathing room to pay off or negotiate back taxes. We have extensive experience helping clients prevent and discharge tax liens.
Penalty relief — Wage earners who had a period of unemployment or self-employed individuals who experienced a significant drop in their income may qualify for a grace period from failure-to-pay penalties. Under the Fresh Start penalty relief initiative, some taxpayers can get an additional six months to pay their taxes and interest. We can answer specific questions about IRS penalty abatement.
Installment agreements — The Fresh Start makes it easier to arrange payment plans for resolving back taxes. The process is streamlined, you may have longer to pay off taxes, and the threshold was raised from $25,000 in taxes to $50,000. We can explain IRS installment agreements as a possible solution to your tax troubles.
Offer in Compromise (OIC) — This is a settlement of your tax debt if you do not have the means to pay off your taxes in a lump sum or even through installments. The Fresh Start Initiative relaxed some of the rules and restrictions to provide relief to a greater number of taxpayers. Our lawyers have negotiated very favorable offer in compromise terms for clients, including individuals who were previously told — by the IRS or other law firms — that they are not eligible.
Are You Ready For A New Start?
We assist clients not only in Delaware County and surrounding Pennsylvania but throughout the United States in resolving their tax disputes and tax debts. The Fresh Start Initiative may be the springboard to a brighter financial future for you. Arrange a free consultation by calling McCauley Law Offices, P.C., at 610-388-4474, or contact us online.