To file an application, the IRS requires that you complete Form 433-A (OIC) Collection Information Statement for Wage Earners and Self-Employed Individuals (or Collection Information Statement for Companies 433-B (OIC)). First, you'll submit all your tax documents to the IRS and explain that you can't pay your debt in full. Then, you'll fill out additional forms that explain your financial situation. The IRS will review everything and then contact you with a reasonable agreement that benefits both parties.
Currently, the no-collectible status allows the taxpayer to find a tax relief from scratch in peace, without the IRS pursuing it. The IRS will not accept a request for tax relief through any of the Fresh Start Initiative programs without sufficient evidence. You should consider learning more about the Fresh Start program if you're a taxpayer with a huge burden of tax debt that you can't pay right away. With the Fresh Start program, taxpayers benefit because they can pay their debts and avoid more serious consequences, such as tax levies, taxes, or jail time.
You also need to quickly submit all future returns in order to enroll in the Fresh Start program. With the IRS Fresh Start initiative, there are several ways to ease your tax burden through affordable payment agreements. To meet the additional requirements for obtaining a tax relief through the Fresh Start Program, you must file all missing or unfiled tax returns, your estimated tax payments must be current, and your current withholding must be correct. Like the useful changes in the commitment offer option, the Fresh Start initiative also introduced more beneficial terms for installment payments.
If you don't want to enroll online, you can always make a proposal for the IRS Fresh Start Program by filling out and submitting an IRS Form 9465 that is available to the IRS government. While the IRS Fresh Start initiative offers an easier way for taxpayers to address back taxes, it's not always easy to navigate the program on your own. Whether you qualify for Fresh Start options, such as an installment plan, a withdrawal of a tax lien, or a commitment offer, or this program can help you manage your debts effectively and, at the same time, resolve problems such as stopping the wage garnishment and eliminating taxes. When looking for a backward tax assistance company to help you with the Fresh Start initiative, don't limit yourself to local firms.
Once again, the Fresh Start program helps you pay off your tax debt affordably, without the risk of going into debt. The Fresh Start provisions give more taxpayers the ability to use simplified installment agreements to catch up with back taxes and also more time to pay. The Fresh Start program offers several options that allow small business owners to settle their tax liabilities, including a commitment offer, installment agreements, reduction of penalties, or the current non-collectible status. Next, we'll discuss the details of your situation with you to identify which Fresh Start tax program option is the most appropriate.