The IRS webinar detailing their Fresh Start Initiative, which originally aired on August 31, 2011, has been posted to the IRS video portal for all to see. The Fresh Start Initiative is a tax reliefprogram designed to help taxpayers who are struggling to meet their tax obligations in this down economy.
As part of the initiative, the IRS has adjusted its lien filing procedures, opened up the installment agreement option to more businesses, and instituted a “streamlined” Offer in Compromise program. I was hoping the IRS would, through this webinar, elaborate on the Fresh Start program and provide more details on exactly how these changes will impact taxpayers with balances that they cannot immediately pay. But they didn’t. Instead the speakers rehash what has already been explained on the IRS website and then go into a fairly detailed discussion of liens.
This is a good video for someone who wants a basic understanding of liens, how & why the IRS files them, and how to get them released. The IRS representatives even go into an explanation of lien “release” vs. lien “withdrawal,” complete with an analogy comparing it to a “divorce” vs. an “annulment.”
Unfortunately, very little was said about the changes that have been made to the Offer in Compromise program either. Click here to see the entire video.