This newest program promises to enable some of the most financially distressed taxpayers an opportunity to clear up their tax problems, and in many cases, more quickly than in the past.
The new initiative represents the most dramatic liberalization of IRS settlement policies ever announced. It represents a welcome change from an agency which has always placed substantial roadblocks to those seeking to compromise their tax obligations.
The new program includes:
Revising the calculation for the taxpayer’s future income.
Allowing taxpayers to repay their student loans.
Allowing taxpayers to pay state and local delinquent taxes.
Expanding the Allowable Living Expense allowance category and amount.
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Over the past several years the IRS has announced a softening of its collection policies under its Fresh Start Program. If you are and individuals or businesses owner who owe the IRS, you may not be aware of the new legal tax relief rights and options available to you. These tax relief options that you are entitled to under the law can help get the IRS off your back and very possibly save you thousands of dollars as well.
The new offer in compromise policies should dramatically expand the universeof taxpayers eligible to compromise their outstanding tax obligations.
In the past taxpayers generally had to pay the IRS the total value of all their assets plus 60 times their net monthly income after using the IRS strict allowable expense standards. The greater flexibility of the new policies will reduce the valuation of taxpayer assets and reduce the value of the future income component used to determine acceptable offers.
The IRS added new flexibility for taxpayers facing payment or collection problems in 2009. The IRS made changes to lien policies in 2011 and expanded the threshold for small businesses to resolve tax issues through installment agreements. And, earlier this year, the IRS increased the threshold for a streamlined installment agreement allowing individual taxpayers to set up an installment agreement without providing a significant amount of financial information.
In 2008, IRS announced lien relief for taxpayers tryingto refinance or sell a home.
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