Yes, there certainly is. This is not just the stuff of urban legend. It happens all the time through the use of a system that the menacing Internal Revenue Service, themselves, has come up with to aid 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 take as little as one (yes that's right, the figure "1") per cent of an amount of money to be paid on a tax debt and call it settled.

These OIC's are completely up to the government's decision, mainly because there is no legal right to have a valid tax bill diminished by the IRS. That being said, the IRS must give a correctly presented Offer balanced judgment.

Look at the case of Henry who was living on a fixed 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 rate with all the additional fees, penalties and interest that they ascribe 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 afford 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 negotiate a deal with the IRS is not satisfactory of a condition. After all, wouldn't everyman like to have his or her tax indenture marked down? You first have to qualify 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 make a collection 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 hardship 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 delinquent tax debt, you should try to 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 something 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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