The Offer in Compromise (or OIC) program, in the United States, is an Internal Revenue Service (IRS) program under 26 U.S.C. ยง 7122 which allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. A taxpayer uses the checklist in the Form 656, Offer in Compromise, package to determine if the taxpayer is eligible for the offer in compromise program. The objective of the OIC program is to accept a compromise when acceptance is in the best interests of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements.
Read more about Offer In Compromise: Qualifying Conditions, Partial Payment, Effect of An Offer in Compromise On IRS Levy or Lien, Consumer Alert
Famous quotes containing the words offer in, offer and/or compromise:
“If I have renounced the search of truth, if I have come into the port of some pretending dogmatism, some new church, some Schelling or Cousin, I have died to all use of these new events that are born out of prolific time into multitude of life every hour. I am as bankrupt to whom brilliant opportunities offer in vain. He has just foreclosed his freedom, tied his hands, locked himself up and given the key to another to keep.”
—Ralph Waldo Emerson (1803–1882)
“Hollywood’s a place where they’ll pay you a thousand dollars for a kiss, and fifty cents for your soul. I know, because I turned down the first offer often enough and held out for the fifty cents.”
—Marilyn Monroe (1926–1962)
“Children treat their friends differently than they treat the other people in their lives. A friendship is a place for experimenting with new ways of handling anger and aggression. It is an arena for practicing reciprocity, testing assertiveness, and searching for compromise in ways children would not try with parents or siblings.”
—Lawrence Kutner (20th century)