Tax Debt Relief & Your Guide to The IRS Fresh Start Program:

When faced with a substantial tax debt stretching into the thousands of dollars, the task of repaying the money owed can appear overwhelmingly difficult. The inclination to delay addressing this issue is strong, often with the hope of a future day when the burden will feel more manageable. However, thanks to recent enhancements made to the IRS Fresh Start initiative, that day can be today. The IRS Fresh Start program now presents an achievable avenue for individuals and businesses grappling with tax debt to find relief and move forward.

The primary objective of the Fresh Start Program is to ease the constraints associated with tax debt, presenting three key alternatives:

1. Extended Installment Agreements come with simplified procedures tailored for individual taxpayers.
2. The opportunity to prevent the imposition of a tax lien in the case of Installment Agreements, as long as payments are facilitated through direct debit installments and the owed amount remains below $25,000.
3. Expanded rules for the Offer in the Compromise option, which includes the exclusion of specific assets from the calculation used to determine the settlement amount.

All of these measures are aimed at assisting those burdened by tax debt to regain their financial footing. Individuals seeking relief from their tax obligations can find a valuable ally in the IRS Fresh Start initiative. For those in need of guidance and assistance navigating these options, reaching out to a tax relief company could provide further support.

Effectively capitalizing on the opportunities presented by the Fresh Start Initiative necessitates meticulous attention to intricate details. Numerous taxpayers find themselves denied a resolution pertaining to their tax debt due to a lack of awareness, either on their part or that of their representatives, regarding what aligns with the IRS’s criteria. A prime example of this pertains to the diverse methods permitted by the IRS for ascertaining the fair market value of one’s assets. Failing to grasp acceptable valuation techniques can potentially result in a substantial financial setback, costing thousands of dollars.

It’s essential to recognize that the onus of making an offer lies on you, not the IRS. Consequently, the question of whether your offer will be approved hinges on various factors. While the IRS is unlikely to explicitly communicate if it would entertain a lower offer, historical precedent indicates its reluctance to reject offers that are on the higher end of the spectrum. This underscores the significance of navigating this process astutely.

At Lothamer, our seasoned team of CPAs, accomplished tax attorneys, and Enrolled Agents boasts a track record of successfully negotiating hundreds, if not thousands, of Offer in Compromises. In situations where the outcomes don’t align with our expectations, we exhibit a high degree of success in initiating an Appeal. Our commitment is resolute; we will utilize our expertise to ensure your journey toward a Fresh Start is as smooth as possible, especially when dealing with business tax debt and financial hardships.

Leveraging over 40 years of experience, Lothamer stands as your steadfast ally. We not only elucidate the array of options available to you under the Fresh Start Program but also provide the guidance needed to navigate the complexities of tax debt.