The Government Accountability Office says that the performance of the Internal Revenue Service's Offers in Compromise program has been mixed, and suggests that a combination of better management information and simplification could improve it.

The OIC program allows taxpayers who are unable to pay their full tax liability to offer a compromise to the agency -- paying what they can afford and asking the IRS to write off the rest of the amount as a liability. In 2005, the IRS accepted more than 14,000 offers.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access