{"id":460,"date":"2012-03-27T03:10:54","date_gmt":"2012-03-27T03:10:54","guid":{"rendered":"http:\/\/ua-cpas.com\/blog\/?p=460"},"modified":"2012-03-27T03:10:54","modified_gmt":"2012-03-27T03:10:54","slug":"irs-fresh-start-program","status":"publish","type":"post","link":"https:\/\/www.ua-cpas.com\/blog\/index.php\/2012\/03\/27\/irs-fresh-start-program\/","title":{"rendered":"New Additions to IRS \u201cFresh Start\u201d Program"},"content":{"rendered":"<p>The IRS \u201cFresh Start\u201d initiative was introduced last year as a response to the inability of struggling taxpayers to pay their taxes. In 2012, the IRS is significantly expanding the program with two major additions.<\/p>\n<p>First, there will be a new \u201cfailure-to-pay penalty relief\u201d for two categories of taxpayers:<\/p>\n<ul>\n<li>Wage earners who have been unemployed at least 30 consecutive days during 2011 or in 2012 up to the April 17 deadline for filing a federal tax return this year<\/li>\n<li>Self-employed individuals who experienced a 25 percent or greater reduction of business income in 2011 due to the economy<!--more--><\/li>\n<\/ul>\n<p>Under this new relief, taxpayers can avoid the failure-to-pay penalty until Oct. 15, 2012.To be eligible the taxpayer\u2019s income must not exceed $200,000 for a joint return or $100,000 for a single or head of household return. Taxpayers meeting the eligibility criteria will need to complete a new Form 1127A in order to obtain the 2011 penalty relief.<\/p>\n<p>In addition, there is a new provision that raises the threshold to $50,000 for using an installment agreement to pay back taxes without having to supply the IRS with a financial statement.The previous threshold had been $25,000. Taxpayers seeking installment agreements exceeding $50,000 will still be required to supply the IRS with a Collection Information Statement (Form 433-A or Form 433-F).The maximum term for installment agreements has also been raised to 72 months from the previous 60-month maximum. To set up an installment agreement with the IRS, go to the On-line Payment Agreement (OPA) page on IRS.gov and simply follow the instructions.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRS problems? IRS &#8220;Fresh Start&#8221; program now helps two additional types of taxpayers. Certain unemployed persons and self-employed individuals with 25% reduction of business income, may qualify for using an installment agreement without supplying the IRS with a financial statement. They may also eliminate the failure to pay penalty.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,13,22,23,25],"tags":[118,119],"class_list":{"0":"post-460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-small-business-forum","7":"category-litigation-support","8":"category-tax-tips-for-individuals","9":"category-taxes","10":"category-taxes-litigation-support","11":"tag-irs-audits","12":"tag-irs-resolution","13":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=460"}],"version-history":[{"count":0,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}