Debt consolidation means taking out a single loan to cover payments to multiple creditors. This is considered an acceptable way to get out of debt, but there are some drawbacks that should be investigated.
Penalty abatement is the IRS term used to reduce or eliminate a penalty. Penalty abatement can also be considered Fresh Start tax relief. Penalty Abatement will only be granted if there is a valid reason. Penalty abatement can be requested at all levels of IRS collections. Remember that Penalty Abatement can only be granted by local IRS offices. A Penalty Abatement request can be made for free.
Contact us to receive a complimentary tax case review and more information about how you can apply for the IRS Fresh Start Program.
Our lawyers will review your criminal history to find the most appropriate remedies for you. In order to provide you with the most accurate advice on your record relief options we will obtain a copy of any California Department of Justice Criminal History Report. Click here for more information on the Fresh Start procedure.
Ideal Tax is a full service Tax Resolution firm that can handle almost any IRS or State Tax Issue. Our team is on hand to provide answers for clients impacted by garnishments, bank levies, liens and other challenges.
Chuck Rettig of the IRS said, Throughout the pandemics, the IRS has worked hard for the nation and provided relief to people in many other ways. The penalty relief granted today is yet more evidence that the agency is supporting people at this moment in time. This penalty relief is automatic for those or businesses that meet the requirements; you don't need to call.
Our lawyers will review your criminal history to find the most appropriate remedies for you. In order to provide you with the most accurate advice on your record relief options we will obtain a copy of any California Department of Justice Criminal History Report. Click here for more information on the Fresh Start procedure.
A debt consolidation loan covers multiple creditors. This is a viable option to repay debt but it comes with some drawbacks.
The IRS has issued Notice 2022-36PDF to assist taxpayers who are struggling due to the COVID-19 pandemic. This notice provides penalty relief for most individuals and businesses that file certain 2019 or 2020 returns later. To assist those who have already paid these penalties, the IRS will take an additional step. Eligible tax returns must be filed by September 30, 2022 to be eligible for the relief. For more information, see this IRS news release.
Penalty Abatement is the term the IRS uses for wiping out or reducing a penalty. Penalty Abatement can be considered a form of Fresh Start tax relief. However, the IRS will only apply Penalty Abatement for a reasonable cause.You can request Penalty Abatement at any level of IRS collections: by visiting a federal IRS campus, through an automated collection system, or by speaking to personnel at local IRS offices. Keep in mind that a local IRS office can only grant a Penalty Abatement of up to $100. Requesting Penalty Abatement is free.
Disaster Relief Resources for Charities and contributors You can find many resources from the IRS that will help you achieve your goal.
Please complete the Fresh Start Request for Assistance form to request assistance. You can return the form via email, fax, mail or drop it off at this address.
The IRS recommends that you use the online pre-qualifier tool to determine if your offer in compromise is eligible.
IR-2021230 IRS - All of Mississippi now eligible for expanded Hurricane Ida aid; Sept. 15, Oct.15 deadlines, and other dates extended until Jan. 3
Because it is flexible, the IRS Fresh Start Program makes a great choice for unintentional tax offenders. There are many myths surrounding the program's capabilities, despite its many benefits.
An offer in compromise will stop tax levies under section 301.7122(g)(1) of the US Federal Tax Regulations. That regulation states that the IRS will not levy upon a taxpayer's property while a valid offer in compromise (an offer that has been accepted for processing) is pending and, if rejected, for thirty days after the rejection. If the taxpayer appeals the rejection, the IRS cannot levy while the appeals process is ongoing. If a levy is in place when the offer is submitted, it is not automatically released.
You have two options: appeal the rejection of the offer in compromise, or call the person who signed it to ask for a change. The IRS will normally reconsider your offer and open further negotiations. Appeals to the Appeals Office are not allowed.
See this IRS news release for more information on individual tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021. The legislation also made changes to tax relief for employers. Continue to check back for updates.
An IRS Fresh Start Program in Compromise (or OIC) is an agreement that allows taxpayers to reduce their tax debt by paying less than what they owe. This is the best Fresh Start tax relief through the Fresh Start Initiative. An Offer in Compromise can be the best way to reduce your tax debt via the Fresh Start Program. However, there are some conditions. This option is only available to taxpayers in difficult economic circumstances who do not have the financial resources necessary to fully pay their federal tax debt. An OIC is a strict requirement. This means that not all taxpayers who owe thousands to the IRS are eligible for the program. If you have a tax relief company certified, your chances of getting an Offer in Compromise are greatly increased. The IRS will not bully or manipulate tax experts into making a less than optimal solution. To ensure you avoid scams in tax relief, please refer to the "How to Avoid Tax Relief Scams". These companies promise an OIC without having examined your tax situation and prepared the required forms for the IRS. Only the IRS can approve an Offer in Compromise. The best tax relief company will communicate their process clearly, be experienced in negotiations with the IRS, get results for their clients, as well as center their strategies around your financial needs.
Although "Fresh Start Initiative 2020" was a popular search term just a few years back, the current economic climate suggests that the program is still in demand. These are some of the requirements to be eligible for tax debt relief.
The notice also provides details on relief for filers of various international information returns, such as those reporting transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations. To qualify for this relief, any eligible tax return must be filed on or before September 30, 2022.