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:
“Sometimes my wife complains that she’s overwhelmed with work and just can’t take one of the kids, for example, to a piano lesson. I’ll offer to do it for her, and then she’ll say, “No, I’ll do it.” We have to negotiate how much I trespass into that mother role—it’s not given up easily.”
—Anonymous Father. As quoted in Women and Their Fathers, by Victoria Secunda, ch. 3 (1992)
“To win this war, we have been forced into a strategic compromise which will most certainly offend the Russians.”
—Franklin D. Roosevelt (1882–1945)