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Simple English definitions for legal terms

offer in compromise

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A quick definition of offer in compromise:

An offer in compromise is when someone who owes the IRS money offers to pay a smaller amount to settle their debt. The IRS doesn't have to accept the offer, and they only consider it if the person is really struggling financially. The offer has to be based on one of three reasons: the person doesn't think they owe as much as the IRS says, they don't have enough money to pay the full amount, or paying the full amount would be really unfair or cause a lot of problems for them.

A more thorough explanation:

An offer in compromise is a way to settle a tax debt with the IRS for a reduced amount. It is not a guaranteed option and the IRS has the discretion to accept or deny an offer. The IRS considers the potential value of a taxpayer's assets, income, and other factors to determine if an offer is reasonable.

An offer in compromise can be made based on one of the following premises:

  • Doubt as to liability: When a taxpayer disputes the amount or existence of the tax debt.
  • Doubt as to collectibility: When a taxpayer disputes the ability to pay the tax debt in full due to insufficient assets or income.
  • Effective tax administration: When a taxpayer has enough assets to pay the tax debt but believes that full payment would be unfair or create an economic hardship.

For example, if a taxpayer owes $10,000 in taxes but can only afford to pay $5,000, they may submit an offer in compromise to the IRS. The IRS will review the taxpayer's financial situation and determine if the offer is reasonable based on their guidelines. If the offer is accepted, the taxpayer will pay the reduced amount and the remaining debt will be forgiven.

Offer | offer of proof

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shaquilleoatmeal
17:58
@babycat: how many essays do you have to finish? Can catch up another night cause thats priority for you rn
babycat
17:58
@shaquilleoatmeal: I did my main one for today what’s the story?
"****** from my city couldn't entertain old boy, Promisin' bank transactions and even bitcoin, I never peaced it up that **** don't sit well with me, Before I take a truce, I'll take 'em to Hell with me" is a good one too
shaquilleoatmeal
18:00
hes so sneaky with it, like if you honestly don't listen for it, you miss it
100%
shaquilleoatmeal
18:00
you want the long or short story ?
WorthlessAttractiveZombie
18:01
So no GULC, eh?
babycat
18:06
long story. we can go to off topic
no gtown still ?
babycat
18:06
she must’ve had weird vibes if it’s a long story
Kittencattigermeow
18:08
does anyone know what issues UNH is facing?
guys i just spent $200 on groceries. joe biden why did you do this to me
will trump make eggs cheap again
BulbasaurNoLikeCardio
18:10
I spent $600 on a custom AR10 upper in September and just got called and told they now may not ship it until fucking January. Trump needs to make my ship shit faster.
18:10
They making food more expensive so less fats
18:10
trust
babycat
18:11
RFK future
18:12
You need to perform Kennedy Presidential Fitness Test to graduate law school
18:12
Over/under on t14 students
18:12
70%?
18:12
20?
18:13
Babycat are you drinking the chemical waters
BulbasaurNoLikeCardio
18:13
Told them this is ridiculous and they took $140 off so my patience has been bought. Now I need to find another distraction from this shitty teacher
18:13
Original price was 460 they just ripped ya off
18:13
jk that is nice
babycat
18:14
@EvolBunny: I love fluoride 😍😍😍
18:14
omg me too
BulbasaurNoLikeCardio
18:15
@EvolBunny: I am fine with them making their cut and all that but I bought it with an adjustable gas block, new LVPO and foregrip so I just have a bunch of parts and ammo with no way to shoot it
@BulbasaurNoLikeCardio: i mean getting paid for their incompetence is based
18:15
they think you are going to attack dj trump
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