A Tax Lien Withdrawal is technically considered a third tier of the Fresh Start Program. While you can pay off your tax debt through full repayment to have your tax lien removed, the Fresh Start Program offers a second way for you to have your tax lien removed. If you request to have your tax…
This program provides taxpayers a form of relief by entering into a repayment program that can last up to six years. Taxpayers make monthly payments towards their tax liability that is based on their ability to pay, current income, and liquid assets. At the end of the approved time period, the tax debt will be…
The Offer in Compromise program is the more frequently known debt relief program. You may have heard many advertisements with the catchphrase, Pennies on the Dollar. With an Offer in Compromise, a taxpayer can present the IRS an offer of how much they are able to pay off their tax debt. If the IRS agrees,…
Typically, acquiring a tax debt comes with additional interest and penalties. However, the IRS will waive some or all of the specific penalties under certain conditions. Some of the penalties eligible for being waived are, but are not limited to: Failure to File Failure to Pay Failing to Deposit One of the benefits of applying…
An IRS levy is different than a lien. A lien is a legal claim placed on your property and on your credit report. A levy is when the IRS actually seizes your property or your funds directly from your bank account, savings account, or other financial accounts where your money is held. The IRS can also…
If you are stuck in situation in which you are being held financially responsible for your spouse’s tax debt, you have options to gain relief. The IRS has a program designed to evaluate your situation and determine if you can be released from this financial obligation that your spouse caused. Unfortunately, pleading your case to the…
If you are similar to millions of taxpayers and are not able to pay your tax debt in full, the IRS offers the ability to pay in monthly payments. The taxpayer is subject to the IRS’s determination of their financial situation and sets the amount the taxpayer must pay each month. However, installment agreements also…
The IRS Fresh Start Program is a program that the IRS offers to taxpayers that have a tax debt. There are three repayment options that this program covers: the Extended Installment Agreement, the Offer in Compromise program, and the Tax Lien Withdrawal program. Once you apply for the Fresh Start program, the IRS will determine…
Owing a tax debt is stressful enough, but when the IRS places a lien on your assets, it can make a difficult situation even worse. A tax lien can prevent you from getting a new loan, is harsh on your credit and credit report, and can affect your security clearance or the chances of you gaining…
