IRS Fresh Start Program
IRS Fresh Start Program: The Streamlined Installment Agreement
The fresh start program was initiated by the IRS to help taxpayers who have the income and assets to pay on their tax debts, an efficient way of entering into an installment agreement. Important things regarding the streamlined installment agreement are as follows:
Option 1: Under this installment agreement, you agree to pay back your tax debt within 72 months or less and cut your payments into 72 equal installments. For businesses, the term is 24 months.
Option 2: A major advantage to this program is that you do not have to submit your financial information to disclose your income and assets. You are not required to fill out a 433-A, 433-B nor a 433-F.
Option Three: If you owe up to $50,000 in back taxes then you are eligible for this program.
Option Four: If you owe between $25,000 and $50,000 you are required to set your installment agreement up as a direct debit from your bank account using form 433-D or 9465-FS.
Option Five: If you owe less than $25,000 you can but do not have to set up the payment plan as a direct debit.
Option Six: If the IRS has not yet filed a federal tax lien against you at the time you enter the fresh start program, this will prevent them from filing one.
Option Seven: You must be in compliance to enter into this agreement, meaning all of your unfiled tax returns must be filed and if you are a business you must be current on your estimated tax payments.
Option Eight: If you enter into this agreement and default or owe on a future tax year then this will default your installment agreement.
If you are interested in the IRS Fresh Start Program and other tax solutions please call our tax attorney for a free consultation.
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