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Any Truth To The Anecdotes About Neglectful Taxpayers Who Settle Back Tax Debt For A Small Fraction Of The Original Amount?
Yes, there certainly is. This is not just the cloth of urban folk tale. It occurs all the time through the use of a system that the dreaded Internal Revenue Service, themselves, has instituted to facilitate neglectful individuals settle back taxes. The program is known as an "Offer in Compromise", or more succinctly an "OIC". The IRS has been known to allow as little as one (yes that's right, the whole number "1") per cent of an amount outstanding on a tax bill and call it even and done!
These OIC's are wholly up to the government's discretion, on the grounds that there is no lawful entitlement to have a legitimate tax bill cut down by the IRS. That being said, the IRS must give a properly submitted Offer adequate attention.
review the case of Henry who was living on a fixed income and realized himself in debt to the IRS to the tune of $13000. That's because a back tax bill can grow at a fast rate with all the additional fees, penalties and interest that they attach 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 settlement services advisor to represent his case to the IRS. The commissioned agent negotiated a huge reduction from the full amount of $13000, getting it whittled down to a doable $2000! This was an amount that Henry could be able to to repay and get back to his life without the IRS stalking him.
If this OIC idea is starting to sound like it could be the ticket for you, keep in mind that merely wanting to negotiate a deal with the IRS is not enough of a criteria. After all, wouldn't anybody like to have his or her tax bill discounted? You first have to be eligible for an Offer in Compromise by showing the IRS that one of these type of conditions exist:
What the IRS calls "Doubt as to Collectiblity". Basically put there is some doubt as to whether they can make a collection of the debt from you.
"Doubt as to Liability". There is some reasonable doubt as to whether you owe the tax bill at all. This one is highly a long shot at best.
Lastly, due to some extenuating circumstances, the payment of the full choke would cause you an economic hardship or would be unfair or unjustified.
The final analysis here is if you think you might qualify for one of these juicy reductions in your delinquent tax debt, you should seek professional help in making the determination, and if a good basis exists, employ them to be proxy for you before the IRS. This is not anything you want to do on your own. The saying from the legal profession " he who acts as his own attorney has a fool for a client" would also apply in going before the Internal Revenue Service with an Offer in Compromise.
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- Any Truth To The Stories About Delinquent Taxpayers Who Resolve Back Tax Debt For A Small Fraction Of The Original Amount?
- Any Accuracy To The Anecdotes About Delinquent Individuals Who Resolve Back Taxes For A Small Fraction Of The Original Amount?
- Any Truth To The Anecdotes About Neglectful People Who Settle Back Tax Debt For Pennies On The Dollar?
- Any Accuracy To The Stories About Delinquent Individuals Who Settle Back Taxes For A Small Fraction Of The Original Amount?
- Any Authenticity To The Stories About Delinquent Taxpayers Who Resolve Back Taxes For A Small Fraction Of The Original Amount?
- Any Authenticity To The Stories About Neglectful Individuals Who Resolve Back Taxes For Pennies On The Dollar?
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