Any Accuracy To The Anecdotes About Neglectful Individuals Who Resolve Back Tax Debt For A Small Fraction Of The Original Amount?
Yes, there unquestionably is. This is not just the material of urban legend. It happens all the time through the use of a method that the menacing Internal Revenue Service, themselves, has come up with to aid procrastinating people settle back taxes. The program is known as an "Offer in Compromise", or more short form an "OIC". The IRS has been known to accept as little as one (yes that's right, the number "1") per cent of an amount of money payable on a tax debt and call it settled.
These OIC's are completely up to the government's decision, because there is no legalized right to have a valid tax bill discounted by the IRS. That being said, the IRS must give a correctly presented Offer balanced deliberation.
Look at the case of Henry who was living on a set income and found himself in arrears to the IRS to the tune of $13000. That's because a back tax bill can grow at a fast pace 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 commissioned agent to represent his case to the IRS. The settlement services advisor managed a huge reduction from the full amount of $13000, getting it whittled down to a workable $2000! This was an amount that Henry could bear to repay and get back to his life without the IRS hounding him.
If this OIC thing is starting to sound like it could be the ticket for you, keep in mind that merely wanting to work a deal with the IRS is not adequate of a condition. After all, wouldn't everyman like to have his or her tax indenture scaled down? You first have to fill the bill for an Offer in Compromise by showing the IRS that one of these conditions exist:
What the IRS calls "Doubt as to Collectiblity". Simply put there is some question as to whether they can receive payment of the debt from you.
"Doubt as to Liability". There is some rational reservation as to whether you owe the tax bill at all. This one is highly unusual.
Lastly, due to some lessening circumstances, the payment of the full amount would cause you an economic misfortune or would be unfair or inequitable.
The bottom line here is if you think you might qualify for one of these titillating reductions in your overdue tax debt, you should get professional help in making the judgement, and if a good case exists, hire them to act for you before the IRS. This is not an endeavor you want to do on your own. The adage from the law profession " he who acts as his own attorney has a fool for a client" would also come into play in going before the Internal Revenue Service with an Offer in Compromise.
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- Any Truth To The Anecdotes About Neglectful Individuals Who Resolve Back Tax Debt For Pennies On The Dollar?
- Any Truth To The Stories About Neglectful Individuals Who Settle Back Tax Debt For A Small Fraction Of The Original Amount?
- Any Accuracy To The Stories About Neglectful Taxpayers Who Settle Back Taxes For Pennies On The Dollar?
- Any Truth To The Anecdotes About Delinquent Individuals Who Settle Back Tax Debt For A Small Fraction Of The Original Amount?
- Any Accuracy To The Anecdotes About Neglectful People Who Resolve Back Tax Debt For A Small Fraction Of The Original Amount?
- Any Authenticity To The Anecdotes About Neglectful People Who Settle Back Tax Debt 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?
- Any Truth To The Stories About Neglectful Individuals Who Resolve Back Taxes For Pennies On The Dollar?
- Any Authenticity To The Anecdotes About Delinquent People Who Resolve Back Tax Debt For A Small Fraction Of The Original Amount?
- Any Authenticity To The Anecdotes About Delinquent Individuals Who Settle Back Taxes For A Small Fraction Of The Original Amount?
