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)
“I offer to love’s play
My dark declivities.”
—William Butler Yeats (1865–1939)
“The trail of the serpent reaches into all the lucrative professions and practices of man. Each has its own wrongs. Each finds a tender and very intelligent conscience a disqualification for success. Each requires of the practitioner a certain shutting of the eyes, a certain dapperness and compliance, an acceptance of customs, a sequestration from the sentiments of generosity and love, a compromise of private opinion and lofty integrity.”
—Ralph Waldo Emerson (1803–1882)