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Fresh Start for IRS Debt

October 4th

If you are one of the many American taxpayers facing significant tax debt, a tax debt lawyer is the best place to start. Consulting a tax debt lawyer will prepare you to face your back taxes with the right tools. IRS debt can be a difficult challenge to overcome, but there are options out there for those facing big IRS debt payments.

Tax Debt Explained

In February of 2011 the IRS announced a sweeping initiative for those owing big money in back taxes. Dubbed the Fresh Start Initiative, it is aimed at providing those who might otherwise feel suffocated by IRS debt to settle for a smaller amount and start from zero. One of the biggest things that the Fresh Start Initiative does is to waive the penalties for many types of late payment, according to a tax debt lawyer. For individuals, this can result in a six month grace period without any penalty fees, a significant amount of time in which to get back on your feet.

Waived penalties are a nice perk, but the single biggest feature of the Fresh Start Initiative is the Offer in Compromise. Abbreviated OIC, this procedure allows a taxpayer to negotiate a settled deal that would result in a reduced IRS debt payment. This process, once incredibly complicated, has been streamlined and simplified to a great degree by provisions in the Fresh Start Initiative, says the tax debt lawyer. Getting clear of your IRS debt at a reduced rate has never been easier.

Consult with a tax debt lawyer today to determine how these tools can help you get out from under your crushing IRS debt.

 
 
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