If you have fallen behind on your federal taxes, you are certainly not alone. While owing money to the IRS can be stressful, frustrating, and intimidating, it is important to remember that you do have repayment options available.
Notably, in the Internal Revenue Service Restructuring and Reform Act of 1998, Congress created important tax relief options for those in need. Since that time, the IRS has expanded and improved the available tax relief options. In this article, our top-rated Chicago IRS tax lawyers explain the most important thing that you need to know about the IRS Fresh Start Program.
1. The Program is Designed to Help Taxpayers Get Back on Track
Fundamentally, the IRS Fresh Start Program was created to help delinquent taxpayers to find a path back to financial stability. For different taxpayers, different options are available. In some cases, taxpayers may be able to extend their payment period, catching up without incurring financially crushing penalties. In other cases, taxpayers may be able to avoid and remove cumbersome tax liens. Further, when necessary, the IRS Fresh Start Program offers some taxpayers a way to remove tax debt that they simply cannot afford to pay.
2. The Fresh Start Program is a Set of Tax Relief Measures
The IRS Fresh Start Program is complicated. There is no single, simplified form that you will need to submit to access your options. This is because the program is actually a series of tax relief measures. Some of the most useful options that are available to taxpayers under this program include the following:
– Installment agreements: This provides many taxpayers with the ability to get an account back in good standing by repaying tax debt over a period of up to 72 months.
– Lien removal: If a lien has been placed on your property, you may be able to get it removed through the Fresh Start Program.
– Penalty relief: There are always penalties associated with delinquent tax debt. This program allows qualified taxpayers to limit and reduce many of these penalties.
– Offer in compromise: You may be eligible to settle your tax debt for less than you currently owe, perhaps by a significant margin.
3. If You Want to Know If You are Eligible, Speak to a Lawyer
If you owe back taxes to the IRS, you should explore all of your available tax relief options. The system is complex. It can be difficult to determine exactly what options are available to you. As such, it is highly recommended that you seek guidance from an experienced tax relief lawyer. Your lawyer can conduct a comprehensive review of your case and determine the best tools to protect your financial interests. Tax debt will not disappear on its own: the sooner you take action, the better off you will be.
Get Help from Our Chicago Tax Debt Attorneys Today
At North Suburban Legal Services LLC, our dedicated Chicago tax debt attorneys are committed advocates for taxpayers. If you have delinquent tax debt and want to know more about the IRS Fresh Start Program, we can help.
For a free consultation, please do not hesitate to contact our law firm today at (312) 313-4038. With an office in the heart of Chicago, we represent taxpayers throughout the region, including in Oak Lawn, Oak Park, Des Plaines, Evanston, Orland Park, Arlington Heights, and Schaumburg.