MLchartDataset catalogue

Offer in compromise

Term · Law · MLC-T-LAW-003523

An agreement between a taxpayer and the Internal Revenue Service (IRS) that settles a taxpayer's tax liability for a lesser amount than the full amount owed. The IRS considers an offer in compromise when there is doubt as to collectibility, doubt as to liability, or when an effective tax administration would be promoted. Acceptance of an offer is based on the taxpayer's ability to pay, income, expenses, and asset equity.

Table 1. Record
IdentifierMLC-T-LAW-003523
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003523",
  "term": "Offer in compromise",
  "field": "Law",
  "definition": "An agreement between a taxpayer and the Internal Revenue Service (IRS) that settles a taxpayer's tax liability for a lesser amount than the full amount owed. The IRS considers an offer in compromise when there is doubt as to collectibility, doubt as to liability, or when an effective tax administration would be promoted. Acceptance of an offer is based on the taxpayer's ability to pay, income, expenses, and asset equity.",
  "url": "https://mlchart.com/terminology/law/offer-in-compromise/"
}

Record 3,517 of 5,445 in Law terminology (MLC-0107). Request the full dataset.