Offer in compromise (OIC),
Definition of Offer in compromise (OIC):
Agreement between the Internal Revenue Service (IRS) and a taxpayer that allows the taxpayer to pay less than the total amount owed for tax liabilities. An offer in compromise is typically only permitted by the IRS if its determined the taxpayer will not have the means to pay their owed taxes even after selling the taxpayers property and assets, and after taking into consideration that tax payers current and future earnings potential.
Meaning of Offer in compromise (OIC) & Offer in compromise (OIC) Definition