Washington (Feb. 6, 2004) -- Tax professionals who cringe at the thought of local ads promoting services to settle with the Internal Revenue Service for "pennies on the dollar" are in good company -- the IRS itself is warning taxpayers to beware of such claims.

The agency is warning consumers that some promoters are inappropriately advising taxpayers to file an Offer in Compromise application. The IRS has the authority to settle, or "compromise," federal tax liabilities by accepting less than full payment under certain circumstances.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access