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IRS Fresh Start Advice from tax lawyers in california

Thursday, March 5, 2015
The Strategic tax lawyers are IRS Fresh Start Initiatives specialists and have helped clients who are struggling financially to resolve their pending tax liabilities.  In 2009, in order to promote tax compliance, the IRS introduced the Fresh Start program to assist people are struggling to pay their delinquent taxes to have the chance for a “fresh start”.  This gives them a break from the taxes they owe to the Internal Revenue Service.  Originally, the goal was to offer assistance for taxpayers which would ultimately result in boosting the economy.  IRS Fresh Start has assisted thousands of individuals and businesses by cutting their past tax debt.  The Strategic Tax Lawyers are IRS Fresh Start Initiatives specialists help their clients with the process to resolve their financial hardships.   

The Fresh Start Initiatives include Offers in Compromise (OIC) as well as Notices of Federal Tax Lien (NFTL).  With the initiative, there was a 60% decrease in the number of NFTLs that were filed.  There were other benefits for taxpayers who used OIC.  Also, there were no penalties assessed for individuals and businesses requesting a late filing extension. With the good, however, comes the bad.  There are problems with the program that was determined during an audit meant to examine how successful the initiative is.   There are recommendations for the IRS to focus on certain aspects, such as neglecting to file new NFTLs when some taxpayers who owed over $10 million defaulted on their NFTL agreement.  Also, the IRS has yet to assess how impactful the revenue has been with the decrease of NFTLs.  The audit has resulted in the IRS starting to file new NFTLs for those who had their original NFTL’s withdrawn as well initiate measures that would certify that new NFTLs will be filed if taxpayers default on their agreements.

If you are a taxpayer who is interested in reducing you tax debt because you are financially burdened, you should apply to the IRS in order to qualify and take advantage of the IRS Fresh Start Initiative installment agreement for tax penalty relief, if your debt is $50,000 or less.  The Strategic Tax Lawyers are IRS Fresh Start Initiatives specialists who can assist you with this process.  If you owe over $50,000 in taxes, then you do not qualify for the Fresh Start penalty relief.  The Strategic Tax Lawyers may still be able to assist you since there are options for payment installation agreements that could relieve some financial stress.   

The Strategic Tax Lawyers, LLP are IRS Fresh Start Initiatives specialists. Contact the offices of the Strategic Tax Lawyers to speak with an experienced IRS Fresh Start specialist and receive a free consultation. Call us at (800) 669-4775.