offer in compromise

Definition of "offer in compromise"
  1. A proposal made to the IRS to settle outstanding tax debt for a smaller amount than what is due
How to use "offer in compromise" in a sentence
  1. Owing a large amount in back taxes, he submitted an offer in compromise to the IRS.
  2. The IRS accepted the business's offer in compromise, reducing their tax debt considerably.
  3. She was relieved when her offer in compromise was accepted, allowing her to pay less than she owed in taxes.

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