2012-11-22 15:14:32 -
LOS ANGELES, CA -- (Marketwire) -- 11/22/12 -- The Tax Resolution Institute celebrates the Spirit of Thanksgiving by expressing gratitude for the IRS Fresh Start Initiative. Instituted to help distressed American taxpayers, Fresh Start is a concrete financial opportunity for middle class Americans still caught in the crunch of the lingering recession. The goal of the Tax Resolution Institute is to help such people get back on their feet by addressing their delinquent income tax debts and take full advantage of the IRS Fresh Start Initiative.
Under the new provisions of the IRS Fresh Start Initiative, the IRS is doubling the dollar threshold for taxpayers eligible for installment agreements to help more people qualify for the program. "We have an obligation to work with taxpayers who are struggling to make ends meet," said IRS Commissioner Doug Shulman. "This new approach makes sense for taxpayers and for the nation's tax system, and it's part of a wider effort we have underway to help struggling taxpayers."
As a direct result, more taxpayers will have the ability to use IRS installment agreements to catch up on back IRS income taxes owed. The threshold for using an installment agreement without having to supply the IRS with a financial statement has been raised from $25,000 to $50,000, a significant reduction in a taxpayer's burden. Taxpayers who owe up to $50,000 will now be able to enter into an installment agreement with the IRS. The maximum term for expanded installment agreements has been raised to 72 months from the current 60 month maximum.
What is necessary for a distressed taxpayer to connect the dots of a tax resolution case and obtain an expanded installment agreement is the help of an experienced tax professional. By offering a free consultation, the Tax Resolution Institute allows a taxpayer to know whether this is a legitimate option. As Peter Stephan of the Tax Resolution Institute explains, "The Fresh Start Initiative opens the door for taxpayers to resolve the problem of owing back income taxes. We make sure the door stays open for our clients." The question remains whether the majority of distressed American taxpayers actually will take advantage of the opportunities presented by the IRS Fresh Start Initiative.
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Tax Resolution Institute
www.TaxResolutionInstitute.com : www.TaxResolutionInstitute.com