offer in compromise
A proposal to the IRS (on an IRS tax form) to settle a tax debt for less than the amount owed.
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • Offer in compromise — The Offer in Compromise (or OIC) program, in the United States, is an Internal Revenue Service (IRS) program under 26 U.S.C. § 7122 which allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less… …   Wikipedia

  • Offer In Compromise — A program offered by the IRS to taxpayers who are unable to pay their tax debt. Those who qualify are allowed to make an offer in compromise, which is an offer to pay a lesser amount than that which is owed. The offer in compromise program is… …   Investment dictionary

  • offer of compromise — An offer to settle a dispute or difference amicably for the purpose of avoiding a lawsuit and without admitting liability. A tender or offer to settle or compromise a claim. The fact that such offer has been made is generally not admissible at… …   Black's law dictionary

  • offer of compromise — A concession by a party to a controversy, such as a reduction in claim, made for the purpose of settlement of the controversy. Daniels v U. S. Rubber Co. (Tex Civ App) 199 SW2d 533 …   Ballentine's law dictionary

  • compromise — com·pro·mise 1 n: an agreement resolving differences by mutual concessions esp. to prevent or end a lawsuit compromise 2 vb mised, mis·ing vt: to resolve or dispose of by a compromise cases in which a dispute is compromised E. A. Farnsworth and W …   Law dictionary

  • offer — I n. 1) to make an offer 2) to accept, agree to; consider an offer 3) to decline, refuse, reject, spurn an offer 4) to withdraw an offer 5) a firm; reasonable; tempting; tentative offer 6) an introductory; job; trial offer 7) an offer to + inf.… …   Combinatory dictionary

  • Compromise of 1850 — Before the Compromise: Gold Rush California applies to become free state South wants Southern California as slave territory Texas claims territory as far as the Rio Grande New Mexico resists Texas, applies to be free state Texas takes El Paso… …   Wikipedia

  • compromise — {{Roman}}I.{{/Roman}} noun ADJECTIVE ▪ acceptable, fair, good, happy (esp. BrE), possible, pragmatic, reasonable, sensible, suitable ▪ …   Collocations dictionary

  • offer — {{Roman}}I.{{/Roman}} noun 1 of help or sth that is needed ADJECTIVE ▪ generous, kind ▪ conditional, unconditional (both esp. BrE) ▪ The company has made a conditional offer. ▪ …   Collocations dictionary

  • counter offer — n.    an offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or… …   Law dictionary

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