OIC

(redirected from Offer in compromise)
Also found in: Financial, Wikipedia.
AcronymDefinition
OICOfficer In Charge
OICOh I See
OICOffice of Independent Council
OICOpioid Induced Constipation
OICOrganization of the Islamic Conference
OICOrganization of Islamic Cooperation
OICOffer In Compromise
OICOrganization for International Cooperation (various locations)
OICOffice of the Insurance Commissioner (Washington)
OICOptions Industry Council (Chicago, IL)
OICOffice for Interoperability & Compatibility
OICOfficer in Command
OICOpportunities Industrialization Center
OICOman Insurance Co.
OICOracle Incentive Compensation
OICOrder in Council (Canada)
OICOracle Instance Client
OICOnly in Chain
OICOvercomers in Christ (ministry)
OICOpus International Consultants (various locations)
OICOrkney Islands Council
OICOakland Ice Center (Oakland, CA)
OICOsaka Ibaraki Campus (Ritsumeikan University; Japan)
OICOpen International Competition (procurement)
OICOrganismo Italiano di Contabilità (Italian Accounting Committee)
OICOutpatient Infusion Center (healthcare)
OICOpen Internet Coalition
OICOther Industrialized Countries
OICOntology for the Intelligence Community
OICOpen Indicators Consortium
OICOld Iron Company (est. 1978; Spencer, IA)
OICOld Icelandic (linguistics)
OICOral Interpreting Certificate
OICOverseas Indian Citizen
OICOffice of the Information Commissioner of Canada
OICOfficemate International Corp
OICOnline Internet Center
OICORIX Investment Corporation (Japan)
OICOsteogenesis Imperfecta Congenita
OICOnline Interactive Course (various schools)
OICOffice of International Conferences
OICOil Industry Commission
OICOriental Insurance Corporation (India)
OICOrchid Identification Center (Marie Selby Botanical Gardens)
OICOregon Institute of Cosmetology (Medford, OR)
OICOil Importing Country
OICOffice of Internal Communications
OICOrlando Immunology Center (Florida)
OICOpus International Communications, Inc
OICOffice of Institutional Coordination
OICOpiate Induced Constipation
OICOptical Imaging Center
OICOrganizational Identity Construction
OICOperational Issues and Criteria
OICFCC Office of International Communications
OICOrbital Imaging Corporation
OICOther Insurance Carrier (insurance)
OICOslo International Church (Oslo, Norway)
OICOttawa Interministerial Council (Canada)
OICOverissue Crew
OICOverseas Instruction in Counseling
OICOperator Instruction Chart
OICOrder Isolation Control
References in periodicals archive ?
"An Offer in Compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer's liability.
November 2003 saw the beginning of the $150 user fee for filing Form 656, Offer in Compromise. However, at the same time, the IRS reached out to stakeholders, by requesting suggestions for its revision of Form 656.
On April 24, 2001, he filed Form 656, Offer in Compromise, for tax years 1986, 1987 and 1993 to 1999.
An offer in compromise should include the legal grounds for compromise and provide enough information for the IRS to determine whether the offer fits within its acceptance policies.
With this week's publication of revised tax Form 656 and an array of internal IRS changes underway, the agency is fundamentally changing the Offer in Compromise program.
An offer assigned to Centralized Offer in Compromise Units, however, may not be withdrawn by personal delivery, because documents cannot be personally delivered to these units.
These include Form 656-P, Offer in Compromise, Form 433-OIC, Financial Statement for Wage Earners or Self-Employed Individuals, and Optional Interactive Worksheet.
Form 656, Offer in Compromise, on which an OIC must be submitted, provides that the taxpayer agrees to suspension of the running of the statutory periods of limitation on both assessment and collection of the taxes in question during the period the offer is "pending" and for one year thereafter.
The online forms include 656-R Offer In Compromise; 433-OIC, Financial Statement for Wage Earners and Self-Employed; and supplemental information (a complete list of items to be submitted is found in the directions).
The IRS issued Form 656-A, Additional Basis for Compromise, using the new criteria, taxpayers should submit this form (along with Form 656, Offer in Compromise (the standard offer-in-compromise application)).
7122 to require the Service to develop guidelines for determining when an offer in compromise is adequate.
While OICs have been an available collection tool for the IRS for many years, the policy for their acceptance changed in 1992, as a result of concerns over an ever-increasing delinquent accounts receivable inventory, and the growing number of cases reported as "currently not collectible." The revised policy statement provides that "[t]he Service will accept an Offer in Compromise when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential.