Debt can be a dark cloud that hangs over everything you do. When it comes to taxes, it’s that much worse. The more you ignore a tax debt, the bigger the debt gets, as penalties and interest are added on. Not only that, the IRS has the power to assess tax liens against your personal property and even levy your bank account or garnish your wages.

If this is you… take heart!

You Can Make a Fresh Start

The IRS has a Fresh Start program that launched 10 years ago in the midst of a biting economic recession. Designed to make paying your back taxes and avoiding tax liens easier, it has been expanded over the years. The program has helped people around the country get back on their feet.

Knowing exactly where you stand makes it easier to come to a resolution that will satisfy the IRS and allow you to move on with your life…minus one dark cloud. We recommend retaining a professional in dealing with these issues.

Greater Access to Installment Agreements

Sometimes you can’t pay what you owe all at once. The IRS offers installment agreements for this purpose.

What if you can’t pay the monthly amount the IRS wants?

Don’t despair.

There are options.

IRS Tax Liens Minimum Raised

The program increased to $10,000 the amount you must owe before a tax lien can be filed. The IRS may still file a tax lien notice for an amount less than the $10,000 at its discretion, however.

One important feature of the Fresh Start program is that the tax lien may be withdrawn if you meet certain conditions, including paying off your tax debt.  You may also qualify if you are paying your debt through a Direct Debit installment agreement.

However, if you then default on your installment agreement the IRS can file another tax lien.

Greater Flexibility when Considering Offers in Compromise

The IRS will analyze your ability to pay when considering whether to agree to allow you to settle your tax debt for less than the full amount. The Fresh Start program gave the IRS more flexibility when analyzing that ability.

If they believe you can pay in full within a reasonable amount of time, it will probably not be accepted. The IRS looks at your income, assets, and other factors in determining your ability to pay.

Did we make it sound easy? It’s not. It’s a lot of work and it takes time for the taxpayer and their representative. Don’t do this alone.

Whatever your tax situation may be, we can help. We have 35 years of experience helping people just like you deal with the IRS. Give us a call at (772) 337-1040 or make an appointment online today.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as the Enrolled Agent and Certified Tax Resolution Specialist for SFS Tax Problem Solutions.

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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com

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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/

For more on SFS Tax & Accounting Services, visit http://sfstaxacct.com/

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738 Colorado Avenue Stuart, FL 34994

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Phone: 772-337-1040

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https://twitter.com/SFSTax/

https://www.linkedin.com/company/sfs-tax-problem-solutions/

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