Topic 515, Tax Loss and Casualty.
For more information on how to apply for the IRS Fresh Start Program, please contact us for a free tax case review.
Small Business Administration (SBA). The U.S. Small Business Administration is responsible for providing financial assistance that is affordable, timely, and accessible to all homeowners, renters, and businesses located in a disaster area. For losses not fully covered by insurance, or other recoveries, financial assistance can be provided in the form long-term low-interest loans.
Our attorneys are experts in criminal law and will examine your case to determine the best way to help you. We will request a copy of the California Department of Justice Criminal History Report as well as other court records to help you make informed decisions about your record relief options. For more information about the Fresh Start process, click here
Penalty relief may not be available in certain situations. These include when a false return was filed, when the penalties are part in an accepted offer in compromise, a closing agreement or where the penalties have been determined by a judge. See Notice 2022-36 for more information.
All of these cases require that you and your unique facts be considered by the feds, including your income, ability pay, and equity.
The Offer in Compromise program gives financially-distressed taxpayers who meet certain criteria the chance to pay a portion of their tax debt and put an end to overwhelming tax liabilities. You can make an offer in compromise starting at:
Let's be honest, the IRS Fresh Start Program is not one program. It is actually a collection of tax debt relief programs offered by the IRS. The Fresh Start Tax Program offers many relief options for taxpayers.
Assessing your tax situation and your personal finances is the best way to determine the best method to pay the lowest amount. Focusing on the OIC can result in an expensive miss that will leave you with a tax debt problem. Jackson Hewitt’s Tax Resolution Hub offers assistance in creating a strategy to resolve your tax issues.
To find out if you are eligible for an offer in compromise, use the IRS’s pre-qualifier tool. However, even if you do qualify, there is no guarantee that your offer will be approved.
According to the IRS, more than 10,000,000 accounts are flagged annually. Many people do not know of the IRS Fresh Start Program. When you feel calm after you receive a summons to appear, contact a tax relief professional. They will review your case, understand your facts, and then meet with you to discuss all options, including the IRS Fresh Start Program. A tax relief expert will ensure your application is complete, accurate, and without any delays. Be careful when working with the IRS.
During the call, you'll be informed if your penalty reduction has been approved. If you are not able to get relief over the phone we will tell you. You can also request relief in writing by completing Form 843, Claim of Refund and Request For Abatement.
The answer is yes. Both the IRS as well as taxpayers will benefit from the Fresh Start initiative. The IRS wins as they will receive some form payment, rather than being ghosted by taxpayers. The IRS wins because the taxpayer will be in good standing, meaning they won't be hit with levies or liens, wage garnishments, fines, criminal penalties, or other consequences.
You should offer to pay one lump-sum payment. Your initial payment should equal 20 percent of the offer amount. You must then pay the balance in five payments or less if you have been notified by mail that your offer has accepted.
We're offering tax help for individuals, families, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus.
Penalty Abatement refers to the IRS's term for reducing or wiping out a penalty. Penalty Abatement is a type of tax relief called Fresh Start. The IRS will not apply Penalty Abatement unless there is a good reason. Penalty Abatement can be requested at any level of IRS collections. This includes visiting a federal IRS campus or through an automated collection system. You also have the option to speak with staff at local IRS offices. A local IRS office cannot grant Penalty Abatements of more than $100. The Penalty Abatement request is free.
Chuck Rettig, IRS Commissioner, stated that The IRS recognizes that many taxpayers face difficulties and we're working tirelessly to help them pay their tax bills. Following up earlier this year on our People First Initiative, this next phase will assist with further taxpayer relief efforts.
IR-2021210, Additional Hurricane Ida Relief from IRS: September 15, Oct. 15 deadlines; other dates extended to January 3, for parts of Mississippi; the Nov. 1 deadline applies to the remainder of the state
Families in Puerto Rico that are eligible can claim the credit by filing a federal return, even if they do not normally file or have very little income.
Relief from Penalties -- IRS highlights reasonable cause assistance for taxpayers who fail to pay, file, or deposit penalties. For taxpayers who are subject to any of these tax penalties for the first-time, penalty abatement relief may also be available.
Find forms for applying and step by step instructions in Form 652-B, Offer in Compromise BookletPDF.