offer in compromise (n.), [aa·fr] [en] [kaam·pruh·mize] c. 20th century, “an agreement to resolve a tax debt for less than the amount you owe.”
Even if you’re not a word aficionado, you may be eligible for this agreement if you meet specific qualifications. Essentially, you offer to pay the portion of your tax debt that you can reasonably afford.
Not all taxpayers will be granted this compromise since the IRS makes the final decision. Still, we think this is [good] [newz].