IRS Fresh Start Program is an initiative by the Internal Revenue Service for the individuals who have owed tax debt. It assists an individual with taking care of tax debt, in this manner saving them from being in some hot water. A resident of the US, whose yearly pay is $70,000 or less, then, for this situation, he/she needs to make good on 14% tax, the people who are not ready to do as such on time, then, at that point, they need to record it with weighty punishments and interest rates.

IRS Fresh Start Program

According to the Internal Revenue Service, the most extreme weight of tax debt is on the class and working class individuals, remembering that individuals can get freed of it. The IRS FRESH START PROGRAM was presented in 2011, inside this program, an individual doesn’t need to pay tax debt in one go, to suffer every one of the consequences and interest rates and get an extensive stretch of time, which makes it more straightforward for a person to get out of tax debt.

Under IRS Fresh Start initiative, there are 5 program, which are as per the following-

• Offer in Compromise (OIC)
• Instalment Agreements (IA)
• Currently Non-Collectible
• Penalty Abatement
• Innocent Spouse Relief

Qualification for this large number of programs are not quite the same as each other, you want to realize that each and every person who owes tax debt might profit the advantages to get out of tax debt. You can get insights regarding your qualification for IRS Fresh Start by meeting the concerned officials, look down to be familiar with the expected capabilities to get tax debt relief.

IRS Fresh Start Eligibility Criteria

You must meet the qualification criteria underneath to get tax relief using the IRS fresh start program.

• An individual ought to be independently employed and his yearly pay has diminished by no less than 25%.
• On the off chance that You are single, and you have a yearly pay of under $100,000.
• On the off chance that you are hitched, you and your spouse have a joined yearly pay of under $200,000.
• How much your tax debt must be under $50,000.

Usually, any individual who fits the bill for the IRS fresh start program gets a limit of 5 years to take care of their tax debt, in this manner saving an individual from numerous punishments and interest rates.

IRS Fresh Start Program Benefits

Advantages of each of the 5 programs of IRS Fresh Start are not the same as each other, out of them Offer in Compromise (OIC) and Instalment Agreements (IA) are two programs which are generally used by people to get out of tax charge and get itemized information about them from underneath.

Offer in Compromise (OIC)

The Offer in Compromise debt relief program has been made by the Internal Revenue Service for taxpayers present financial circumstances. By using the OIC an individual can fundamentally pay off their text debt sum. Using this, numerous people have up to 90% exclusion on their tax debts.

To get tax debt relief using Offer in Compromise (OIC), you should enlist a tax proficient with the goal that he will actually want to make sense of your financial condition well in your form and afterward you will get 90% exclusion from your tax debt.

Instalment Agreements (IA)

Instalment Agreements (IA) is the most generally used IRS Fresh Start program, under which a person who owes tax debt upto $50,000 can pay it in range of six years with no interest rate or penalty. A singular even doesn’t need to pay tax liens and compensation garnishments, and under this program you have no apprehension about resource seizure.

There is a period of 6 years to pay the tax debt, in which a decent sum must be stored by the individual consistently.

In the event that you have a debt of up to $50,000 and you can’t make a single amount installment, you ought to go with the Instalment Agreements (IA) IRS Fresh Start Program, as it will save you from a ton of interest and punishments and there will be no feeling of dread toward being seized.