Are you struggling with tax debt and facing IRS liens or levies? Do you feel overwhelmed and need help dealing with the situation? The good news is that you don’t have to face it alone.

The IRS offers the Fresh Start Program, which can help you get the tax relief you need and start fresh with your finances. In this article, we’ll take a closer look at the Fresh Start Program and how it can help you. So, keep reading to learn more.

What Is the Fresh Start Program?

The Fresh Start Program is an initiative by the IRS to help taxpayers struggling with tax debt. The program offers various forms of tax assistance to help taxpayers settle their tax debt and avoid tax liens and levies. The Fresh Start Program has been in effect since 2011 and has helped millions of taxpayers recover financially.

Tax Relief Under the Fresh Start Program

The Fresh Start Program offers several forms of tax relief to help taxpayers settle their tax debt. The increased tax liens threshold is one of the program’s most significant benefits.

Under the Fresh Start Program, the IRS will not file a tax lien unless the taxpayer owes more than $10,000 in tax debt. That is a significant increase from the previous threshold of $5,000, which means that fewer taxpayers will be subject to tax liens.

The Fresh Start Program also offers options for taxpayers to settle their tax debt through installment agreements or offers in compromise. An installment agreement allows taxpayers to pay their tax debt in monthly installments. In contrast, an offer in compromise will enable taxpayers to settle their tax debt for far less than the total amount owed.

IRS Lien and Tax Lien

An IRS lien is a legal claim on a taxpayer’s property by the IRS for unpaid taxes. The lien is placed on the taxpayer’s property, and the IRS has the right to seize the property to satisfy the tax debt.

A tax lien is similar to an IRS lien but is filed at the state or local level. Both types of liens can make it difficult for taxpayers to obtain credit or sell their property.

Tax Assistance With the Fresh Start Program

The Fresh Start Program also offers tax assistance to help taxpayers stay current with their taxes. The program includes a streamlined installment agreement process for taxpayers who owe less than $50,000 in tax debt. Under the streamlined process, taxpayers can set up an installment agreement without providing detailed financial information or a financial statement.

The Fresh Start Program also includes penalty relief for taxpayers who have experienced significant financial hardship, such as a job loss or severe illness. Taxpayers who qualify for penalty relief can have their penalties waived or reduced, which can significantly reduce their tax debt.

Get Help From Clean Slate Tax

If you are struggling with tax debt and need help navigating the Fresh Start Program, Clean Slate Tax can help. Our experienced tax professionals can provide a free case review to help you understand your options and develop a plan to settle your tax debt.

We know that dealing with tax debt can be stressful, and we are committed to helping you find a path to financial stability. So contact us today for a free case review and take the first step towards a fresh start with your finances.