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Yes, there absolutely is. This is not just the essence of urban legend. It occurs frequently through the use of a application that the dreaded Internal Revenue Service, themselves, has come up with to help delinquent tax payers settle back taxes. The program is known as an "Offer in Compromise", or more briefly an "OIC". The IRS has been known to accept as little as one (yes that's right, the figure "1") per cent of an sum unpaid on a tax bill and call it settled.

These OIC's are entirely up to the government's discretion, as there is no authorized right to have a valid tax debt downsized by the IRS. That being said, the IRS must give a properly presented Offer fair consideration.

Consider the case of Henry who was living on a static income and found himself in debt to the IRS in the amount 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 add 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 negotiated a huge reduction from the full amount of $13000, getting it whittled down to a manageable $2000! This was an amount that Henry could be financially able to repay and get back to his life without the IRS hounding him.

If this OIC idea is starting to sound like it could be the answer for you, keep in mind that merely wanting to do a deal with the IRS is not ample of a condition. After all, wouldn't everyman like to have his or her tax bill abated? You first have to measure up for an Offer in Compromise by showing the IRS that one of these conditions exist:

What the IRS calls "Doubt as to Collectiblity". Basically put there is some misgiving as to whether they can collect the debt from you.

"Doubt as to Liability". There is some reasonable reservation as to whether you owe the tax bill at all. This one is highly unusual.

Lastly, due to some extenuating circumstances, the payment of the full tax bill would cause you an economic difficulty or would be unfair or inequitable.

The final analysis here is if you think you might qualify for one of these sensational reductions in your back tax debt, you should find professional help in making the judgement, and if a good case exists, employ them to represent you before the IRS. This is not a thing 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 fit in going before the Internal Revenue Service with an Offer in Compromise.

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