Most of the governments in the world rely on taxes is the main source of revenue especially to fund public development. Understanding such important fact is very critical especially comes to paying your taxes on time and also the right amount whether as a business or as an individual. However, if you already in the situation of owing the IRS some money, it is very important that you can find your way out especially because of the consequences that follow. It will also give you peace of mind because owning there are is money feels like you are chopped in a hole. The IRS fresh start program is one of the solutions need to be thinking more about. Here is all you need to know about IRS fresh start program.
It is a program that was introduced in 2008 but was later explained in 2012 budget is a great program that is meant to ease the financial burden of many taxpayers especially because of the economic crash. However, you need to understand that the program is not here to eliminate the debt to the IRS altogether, but instead, it provides you with better options of settling your debt in the six-year period. It is important that you learn how it all works because every month you are expected to make a payment based on your income, but also on the value of your liquid assets. Thinking about this program is very important because of the fact that it can help every taxpayer to avoid the consequences that follow. Therefore, it is possible to apply for this program and avoid consequences like I amount of interest, tax liens and expensive penalties. It will also help you to avoid wage garnishments and the seizure of assets to pay back the debt.
If you decide to apply for this program, you also need to understand that the different payment options available for you. One of them is the installment agreement which has are different subcategories such as in business, streamlined, guaranteed and also routine agreements. If your case is different and you all them a large amount of money then you need to read more about the offer in compromise which is another payment option. It is also important that you can read more about qualifications for you to start this program as you also learn more about the application program. If you don’t have an accountant to help you when it comes to following the appropriate procedure and understanding more about it, then you can always make a call to the best tax professionals as you also read here to learn more about the application process.