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 and/or compromise:
“After all, life hasn’t much to offer except youth and I suppose for older people the love of youth in others.”
—F. Scott Fitzgerald (1896–1940)
“Discourage litigation. Persuade your neighbors to compromise whenever you can. Point out to them how the nominal winner is often a real loser—in fees, expenses, and waste of time. As a peacemaker the lawyer has a superior opportunity of being a good man. There will still be business enough.”
—Abraham Lincoln (1809–1865)