Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Offer In Compromise and other Tax Relief topics.
There are a variety of businesses in the marketplace claiming to settle your unpaid tax bill for “pennies on the dollar”. This needs to be thoroughly reviewed prior to making any decision. What will they do? How will they get you “pennies on the dollar”? Check these companies out with the local Better Business Bureau, local tax licensed tax professionals, and your Chamber of Commerce.
Even though the Offer in Compromise program does settle your unpaid tax bill for less than the original amount, there is definite protocol to be followed. It is not a quick and easy process by any means, as many of these unscrupulous firms claim.
Also be weary of anyone charging you a fee to do something that reduces your federal tax obligations.
Your best method of tackling your unpaid tax due situation is to contact the IRS for assistance. Or, a qualified and competent tax professional may be able to help you.