Michigan Tax Resolution Firm Embraces IRS Expansion of "Fresh Start" Initiative
Lansing, Michigan May 24, 2012 Business News(PRLEAP.COM) LANSING, Mich. - Lansing-based tax resolution firm, Lothamer, welcomes the IRS announcement of another expansion to its "Fresh Start" initiative. The expansion will offer more flexible terms for its Offer-in-Compromise program.
An Offer in Compromise allows a taxpayer to form an agreement with the IRS to pay less than the full amount of taxes owed. The 'Fresh Start" initiative aims to help tax payers who are dealing with significant financial distress.
The IRS announced changes to the initiative that include a revised calculation of taxpayer's future income, an expansion of the Allowable Living Expense allowance category, and an allowance for taxpayers to repay student loans and state and local delinquent taxes.
The expansion will also allow taxpayers the opportunity to resolve their taxes in as little as two years. Previously, tax resolution spanned as long as four or five years.
"This phase of Fresh Start will assist some taxpayers who have faced the most financial hardship in recent years," said Doug Shulman, IRS Commissioner. "It is part of our multiyear effort to help taxpayers who are struggling to make ends meet."
With so many American taxpayers experiencing financial hardship, the IRS has noted that this expansion is one step in the agency's work to enact changes to the OIC program that better represent real-world financial situations.
Lothamer supports the changes made to the "Fresh Start" initiative as it will create more accommodating terms which will help the tax firm to better serve its clients. The expanded initiative will allow tax payers a greater opportunity for acceptance for an Offer-in-Compromise settlement.
Lothamer is Michigan's leading tax resolution firm. The company has over 30 years of experience in IRS tax settlements and negotiations.