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Struggling To Pay Back Taxes, Get A Fresh Start

December 12th

Instituted to help distressed middle class Americans still caught in the crunch of the lingering recession, the IRS implemented a Fresh Start initiative. The goal is to make it easier for individual and small business taxpayers to pay back taxes and avoid tax liens. It helps people get back on their feet by addressing their delinquent income tax debts and taking full advantage of the special program.

Streamlined Installment Agreements

The Fresh Start provisions now open the door to a larger portion of distressed taxpayers to resolve their problem of owing back income taxes. Making sure the door stays open means that more taxpayers will have the ability to use streamlined installment agreements to catch up on back taxes. Under the Fresh Start initiative, the maximum dollar criteria for streamlined installment agreements has been raised from $25,000 to $50,000 and the maximum term has been raised from 60 months to 72 months.

These installment agreements generally do not require a financial statement, but a limited amount of financial information may be required in the application process. As a direct result, more taxpayers will have the ability to use IRS installment agreements to catch up on back IRS income taxes owed. Taxpayers who owe up to $50,000 will now be able to enter into an installment agreement with the IRS.

What is necessary for a distressed taxpayer to connect the dots in a tax resolution case and obtain an expanded installment agreement should be guided by the help of an experienced tax debt lawyer. The question remains whether the majority of distressed American taxpayers will take advantage of the opportunities presented by the IRS Fresh Start Initiative.


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