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:
“Let that which stood in front go behind,
Let that which was behind advance to the front,
Let bigots, fools, unclean persons, offer new propositions,
Let the old propositions be postponed.”
—Walt Whitman (1819–1892)
“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)