Tax Relief Programs
From Installment Agreements to Offer in Compromises, there are several tax relief programs available for taxpayers. Read more on the programs below to see if you qualify!
The Fresh Start Program, or the Fresh Start Initiative, was created in 2011 by the Federal Government. It is a response by the Federal Government to the predatory practices of the IRS, which use compounded interest and penalties to punish taxpayers with outstanding tax debt.
The Fresh Start Initiative permits taxpayers who owe money to the IRS to enroll in several tax relief programs to attain tax relief. These programs include Currently Non-Collectible Status, Installment Agreements, Penalty Abetment, and Offers in Compromise.
However, the IRS doesn’t qualify everyone. Find out how TaxRise can help you increase your eligibility chances for the IRS Fresh Start Program. Read more–>
Currently Non-Collectible is a status that the IRS will place a taxpayer in if the taxpayer proves that they cannot pay their taxes during their current financial situation.
While Currently Non-Collectible does not necessarily remove a tax liability from a taxpayer’s file, it does stop any collection activities, including bank levies, wage garnishments, tax liens, and threatening letters from the IRS until the taxpayer’s financial situation changes.
Qualifying for Currently Non-Collectible status can be tricky. But, with TaxRise, the likelihood of you securing the status for a longer period increases tremendously. Read more–>
The IRS and the taxpayer enter into an Installment Agreement once the taxpayer successfully proves that they cannot repay their current tax bill in full.
Installment Agreements allow a taxpayer to pay an agreed-upon monthly payment each month toward their tax balance. As long as the taxpayer stays current on their monthly payments, the IRS will not use aggressive collection activities such as levies and liens. Additionally, ‘failure-to-pay’ penalties will no longer accrue on the tax balance.
While Installment Agreements are relatively easy to qualify for and work well for certain taxpayers, there might be better tax relief options available to you. TaxRise can help you determine the best course of action in your tax resolution journey. Read more–>
Penalties and interest can quickly become a large portion of a taxpayer’s bill as the IRS applies them to tax liability on a daily compounded basis. The accumulation of compounded interest can result in a tax bill being nearly impossible to pay off in full, especially if the taxpayer is attempting to repay through an Installment Agreement.
Penalty abatement is a relief program through the IRS Fresh Start Initiative that forgives penalties on an outstanding tax balance. While penalty abatement cannot wipe out an actual tax liability, it does have the ability to lower an outstanding tax balance by thousands of dollars.
Discover how TaxRise can help you secure your penalty abatement and ensure that it is part of a larger strategy to achieve your financial freedom. Read more–>
An Offer in Compromise is an agreement between the taxpayer and the IRS where the IRS settles a tax bill for an agreed-upon amount. While arguably the most lucrative form of tax relief, it is extremely difficult to qualify for an Offer in Compromise.
Representing yourself in an Offer in Compromise case is equivalent to facing a prosecutor without a lawyer present.
However, when debated properly, an Offer in Compromise can reduce a taxpayer’s liability to a small fraction of the original amount. Learn how our clients who achieve their Offer in Compromises through TaxRise, often see a reduction of upwards of 90%. Read more–>
When faced with tax debt, you can feel trapped without any options. While this sentiment is understandable, there are actually several tax relief programs available for taxpayers. These programs can negate penalties, allocate more time for repayment, and even massively shrink your debt.
Nevertheless, navigating these tax relief programs can be challenging for Americans. Determining which program works best for you in your particular situation is no easy task – not considering the application and resolution process with the IRS. Let TaxRise come alongside you through that process.