In today’s episode, we’re taking a closer look into one of the most misunderstood IRS tax relief programs: the Fresh Start Program and its key component, the Offer in Compromise (OIC). If you’ve ever found yourself overwhelmed by IRS debt or wondering if there’s a way out, this episode is for you. 🌟

The Fresh Start Program was introduced to help struggling taxpayers resolve their debts with the IRS, and the OIC is one of its most powerful tools. The concept sounds enticing—settling your tax debt for pennies on the dollar. But is it really that simple? The answer isn’t always straightforward. In this episode, we’ll break down the essentials, from eligibility requirements to the critical forms you’ll need to submit. 📝

We’ll go over the basic calculations involved in an Offer in Compromise, and how the IRS determines whether you qualify. Is your offer too low? Will the IRS accept it? These are just some of the questions we’ll explore.

Understanding your reasonable collection potential (RCP) is key—and we’ll explain what that means in real terms. 💰

We’ll also take a close look at the forms you need to submit to apply for an Offer in Compromise: Form 656 (the OIC application itself) and Form 433-A (OIC) for individuals, along with some of the common pitfalls taxpayers face when filling them out. Mistakes can delay or even derail your chances of getting a successful settlement.

But before you jump in, there are some important warnings to be aware of. Unfortunately, there are many scammers out there who promise to settle your tax debt for next to nothing. These so-called “tax relief” companies prey on desperate taxpayers. Be very aware and learn how to spot the red flags before you fall victim. 🚩

Finally, we’ll give you some practical advice on the realities of applying for the OIC and what you should expect during the process.

While the IRS Fresh Start Program can provide relief, it’s not a “quick fix” or one-size-fits-all solution.

Tune in to learn everything you need to know about the IRS Fresh Start Program and Offer in Compromise—so you can make informed decisions and avoid costly mistakes. Don't let misinformation or scams get in the way of your financial recovery. 🎧

Now buckle up for actionable tips and insights in this next power packed episode of the Tax and Accounting Ride Along Podcast. It might just change the way you view IRS debt relief!