Agreement With Compromise
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
You can apply for an OIC directly or with the help of a tax or legal professional. Whether you go at it on your own or submit it with the help of a professional, use the Offer in Compromise Application Checklist in the IRS Form 656 Booklet.
Fill out Form 656. The Form 656 identifies the tax years and type of tax you would like to compromise. It also identifies your offer amount and the payment terms. Your offer amount must be equal to or greater than the amount calculated in Form 433-A(OIC) or 433-B(OIC).
This Agreement of compromise made at __________ on this ____ day of ___________, 20__ between A son of _____________ resident of ___________________ (hereinafter called Party No. 1) of the One Part and B son of ____________ resident of ___________________ (hereinafter called Party No. 2) of the Other Part.
If you and the other side agree on an offer of compromise, that agreement can be considered legally binding. A popular way to document this is in a deed of settlement and release that clearly sets out the obligations of each side. So long as both sides comply with these obligations, the dispute should be resolved.
Compromise is an agreement between opposing parties to settle a dispute or reach a settlement rather than continue the dispute or go to trial.
