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Video instructions and help with filling out and completing Irs fresh start program
Hi i'm ron with tax court now let's discuss the Fresh Start initiative first start Misha t'v is a program that was started by IRS a few years ago during the financial crisis to help taxpayers out of their financial burdens with the Internal Revenue Service now it's not approval in the right way to tax what it is is giving the taxpayer a fresh start and repairing their credit and repairing their grease stain and with the Internal Revenue Service to get them out of the bottom at their end so basically the first start initiative is not a brand new program that's collecting taxes what it is is a relaxing of the current regulations that are currently on the books there's federal tax liens that it helps you with there's installment agreements that it helps out with and there's a offering compromised program that it helps up with go back and watch some of our videos that talk about each of those specific programs and enforcement actions that the harvest takes and collecting those pass-through tax returns and tax adoption so first let's talk about the notice of federal tax lien basically the high risk will always follow tax lien or any amount above tend to her at $10,000 award however the iris will always follow tax lien when it feels like his interests are being threatened and so they can file attacked me and when I'm not below $10,000 they feel like it's necessary what the Fresh Start initiative does is it allows a taxpayer to have a notice of federal tax lien we've drawn from the public record meaning it comes out of the public record at the county courthouse and the county that you reside it also can come off of your credit reporting and credit bureau reports with all three credit reporting agencies if you meet certain qualifications you may they give us a call here at tax court we can help you negotiate that and figure out which program works best for you under the Fresh Start initiative for notices of federal tax lien the second way that Fresh Start initiative helps taxpayers is stewar relaxing of the installment agreement program so typically what happens with an installment agreement is that if you have a debt of about $25,000 you have to pra lock of financial information or to qualify for an installment agreement well the first start initially raises that threshold to a much more higher amount giving more taxpayers the ability to negotiate into a pay installment agreement with limited financial reporting doesn't always do away with it but it sometimes limits the amount of information that you have to prto them and it provides a longer window of repaying up to six years the third way that the Fresh Start initiative helps taxpayers is by the offer and compromise program so basically the old offering compromised program was very very confusing had lots of curves and and.