Under the new IRS Fresh Start Initiative, we have better options for getting a levy released faster for more taxpayers. If your tax debt is less than $50,000, the updated Streamlined Installment Agreement will release the levy and will also not include a lien. Plus, no financial documents need to be filed. If your tax debt is more than $50,000, you can pay it down to qualify under this program.
The new Streamlined Installment Agreement changed the qualifying tax debt limit from $25,000 to $50,000 for most taxpayers and the time period to pay from 60 months to 72 months. This is great news for our clients because it increases our options for releasing and avoiding a levy.
IS THIS PROGRAM RIGHT FOR ME?
We’ll analyze your situation to determine if this is your best option. Several factors go into our analysis:
- We check to make sure the payments under the Streamlined Installment Agreement will be less than what you would pay under a standard installment agreement by providing financial information.
- We pull the IRS records for the statutes of limitation on your tax debts.
- We evaluate your qualifications under the new Offer in Compromise rules
- We calculate your options under a Partial Payment Installment Agreement
- We examine your situation for Innocent Spouse Claims
All of these options can help release a levy and we’ll help you make the best choice in your situation.