WASHINGTON—April 15 has come and gone, and the IRS is warning Americans who missed the tax deadline to file as soon as possible to avoid additional penalties and interest charges.
If you missed the deadline, the IRS is now assessing penalties of 5.5% each month, plus interest charges that accrue daily. However, there is an open door to resolve your tax debt.
Each year, millions of taxpayers who miss the deadline and owe thousands in back taxes find relief through the Fresh Start Program. The IRS can forgive up to 95% of back taxes owed, but many Americans remain unaware they can qualify.
When taxpayers fill out our Tax Relief Survey, they are able to see if they qualify for the IRS Fresh Start Program and begin their journey toward tax resolution in minutes.
While the IRS does not actively promote the Fresh Start Program, a small group of tax professionals is working to raise awareness about the power of tax forgiveness.
“There is a huge discrepancy between the number of people eligible for the Fresh Start Program and the number of people who actually apply,” explained George Miller, a Virginia-based CPA.
Thanks to last year’s budget increase from the Inflation Reduction Act (IRA), the IRS has the resources to approve more Fresh Start applications than ever before.
If You Requested an Extension
Taxpayers who requested an extension should be aware that extensions only allow additional time to file—but not to pay taxes owed. Interest and penalties will continue to accrue until the balance is paid in full.
If you can’t afford to pay your tax debt in full, the Fresh Start Program may be your financial lifeline—and filing your unfiled returns as soon as possible can help maximize your chance of approval.
Take this 60-second Quiz to See if You Qualify for the IRS Fresh Start Program.
Tax debt affects thousands of Americans; however, few seek assistance to resolve their debts with the IRS. It’s not that the resources are unavailable, but that the Fresh Start Program often gets too complicated for the average American to handle.
“Many people assume they don’t qualify without ever checking,” Miller continued. “In reality, a broad range of circumstances can make someone eligible for significant relief.”
Remember, it’s 100% free to see if you qualify for the IRS Fresh Start Program, and a few minutes could help you save thousands.
Take the Next Step
Every day, your tax debt grows larger due to penalties and fees. It is vital to act now and partner with a tax relief expert to receive the best resolution possible.