Tax Compromise
/ˈtæks kəmˌprɑːmɪs/
Definitions
- (n.) An agreement between a taxpayer and a tax authority resolving a tax dispute by accepting less than the full amount owed.
The IRS approved a tax compromise that lowered the taxpayer's outstanding balance.
Forms
- tax compromise
- tax compromises
Related terms
See also
Commentary
A tax compromise is often used to expedite resolution of tax liabilities while avoiding costly litigation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.