Will the “New” “Fresh Start Program” settle my IRS debt for “pennies on the dollar”?

In a word, maybe. But the program isn’t new or secret and there are plenty of things expensine advertising campaigns don’t tell you. The IRS has started a new program to target “Offer Mills”.

IRS "Dirty Dozen" list warns people to watch out for tax-related scams involving fake charities, ghost preparers and other schemes | Internal Revenue Service

Taking action as soon as possible after you begin to have a tax issue is the most important thing. That one decision will reduce your debt more than anything else by reducing your interest & penalties. Will the IRS waive $14,000 in penalties? Maybe. They did for one of my clients who had “good cause” for his problems AND TOOK QUICK CTION TO RESOLVE THEM. Quick action, good faith and “good cause” are the primary considerations in resolving an IRS issue. But bear in mind that “good cause” is a very specific term which can be found defined in great length on the IRS website.

The qualifications for IRS settlement are available on the IRS web site for anyone to read. The instructions may not be easy to read but they are not secrets known only to a select few. If you qualify, you can get a reduction in your obligation. Or in the alternative, you can get time to pay at a reduced interest rate. What a qualified tax resolution expert can offer is an understanding of how the various rules work together and how to structure your request to get the quickest and most advantageous settlement. Nobody can waive a magic wand and guarantee to settle your IRS debt for pennies on the dollar with no effort on your part. Several years ago I watched a woman’s advertisements on television and asked myself why I didn’t get the same results for my clients. Then she went to jail for fraud and I understood- she didn’t get those unbelievable settlements either. What she did was get very rich from her false promises. Don’t wait to call a tax resolution expert as soon as you realize you have a problem but don’t pay thousands of dollars up front for overblown promises.

A tax resolution expert will be able to talk to the IRS on your behalf. An expert can advise you on your options to reduce your obligations. You will need to put together your financial records within specific time frames. You will need to choose between the options presented to you and act the advisor’s suggestions. You may need to consider the differences between an offer in compromise, currently uncollectable assessment, bankruptcy discharge, debt reorganization outside of bankruptcy, or installment agreement.