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Any Truth To The Anecdotes About Delinquent Individuals Who Resolve Back Taxes For A Small Fraction Of The Original Amount?
Yes, there certainly is. This is not just the stuff of urban myth. It happens over and over through the use of a program that the menacing Internal Revenue Service, themselves, has devised to help hooligan people settle back taxes. The program is known as an "Offer in Compromise", or more succinctly an "OIC". The IRS has been known to consent to as little as one (yes that's right, the number "1") per cent of an total due on a tax debt and call it square.
These OIC's are entirely up to the government's judgement, mainly because there is no legal right to have a valid tax balance reduced by the IRS. That being said, the IRS must give a correctly delivered Offer fair judgment.
Look at the case of Henry who was living on a fixed income and discovered himself in arrears to the IRS for the sum of $13000. That's because a back tax bill can grow at a fast clip with all the additional fees, penalties and interest that they assign to it. These things take on a life of their own after a while. Henry did the smart thing and enlisted the help of a counselor to represent his case to the IRS. The settlement services advisor wrangled a huge reduction from the full amount of $13000, getting it whittled down to a workable $2000! This was an amount that Henry could afford to repay and get back to his life without the IRS haunting him.
If this OIC thing is starting to sound like it could be the way for you, keep in mind that merely wanting to cut a deal with the IRS is not adequate of a platform. After all, wouldn't everybody like to have his or her tax debt marked down? You first have to be eligible for an Offer in Compromise by showing the IRS that one of the following conditions exist:
What the IRS calls "Doubt as to Collectiblity". Simply put there is some qualm as to whether they can collect the debt from you.
"Doubt as to Liability". There is some rational question as to whether you owe the tax bill at all. This one is highly unusual.
Lastly, due to some mitigating circumstances, the payment of the full amount would cause you an economic hardship or would be unfair or unjust.
The bottom line here is if you think you might qualify for one of these tantalizing reductions in your back tax debt, you should get professional help in making the call, and if a good case exists, engage them to act for you before the IRS. This is not something you want to do on your own. The maxim from the law profession " he who acts as his own attorney has a fool for a client" would also fit the case in going before the Internal Revenue Service with an Offer in Compromise.
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