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Offer in Compromise (Form 656): Whereas a taxpayer asks the government to accept a lesser amount of money than the delinquent tax balance. This is the most comprehensive and time consuming investigation a taxpayer will experience with the Collection Division of the IRS. As a general rule, the amount offered must be equal to ALL of the equity in a taxpayers assets.  Upon acceptance of an Offer the Federal Tax Liens are released.

The IRS has the right to reverse an accepted Offer in Compromise if a taxpayer fails to remain in compliance with all tax return filing and paying requirements for 5 tax years from the date of the offers acceptance. This includes reassessment of all accruing penalties and interest and re-filing of Federal Tax Liens. 

Kleinrock's Federal Tax Bulletin
Volume 3, Issue 9 May 1, 2000

CCM 200016016: The Office of Chief Counsel advised that once an offer in compromise has been terminated for default by taxpayer, the IRS lacks the authority to reinstate the agreement.  Code Section 7122

More information on Offer in Compromise

Partnership: A type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested.

There are two types of partners. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.

Payroll Taxes: Your employer deducts a certain amount from your paycheck to pay for taxes. This tax money funds many finance specific programs, including social security, health care and worker's disability. These programs might not mean a whole lot to you now, but you may likely benefit from them when you're older.

Personal Property Tax: An annual tax imposed on certain personal property, such as cars or boats, and based on the value of the property.  Sullivan Consulting does not handle personal property tax issues.

Qualifying Child for the Earned Income Credit: For purposes of the EIC, a qualifying child is your son, daughter, stepchild, adopted child, grandchild, or eligible foster child who is under the age of 19 - or under 24 and a full-time student - or is a totally disabled child of any age and spent at least half of the tax year with you in the United States.

Qualifying Widow(er): The filing status available to a qualified taxpayer for two tax years following the year of the spouse's death. To qualify, the surviving spouse must have been entitled to file a joint return for the year of death, remain unmarried at the end of the current tax year, and pay over half the cost of maintaining his or her home, which was the principal residence the entire tax year of his or her dependent child.

Real-Estate Tax: A tax that an owner of real estate or other property pays on the value of the thing taxed. The taxing authority performs or requires an appraisal of the value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries and jurisdictions.  Sullivan Consulting does not handle real-estate tax issues.

Revenue Agent: Employed by the Examination Division, Revenue Agents conduct audits.  More about Tax Audit

Revenue Officer: Employed by the Collection Division, Revenue Officers conduct tax delinquency field investigations, which require them to visit taxpayers at their residence or place of business.  Revenue Officers have the authority to assess the Trust Fund Recovery Penalty; prepare and file delinquent employment tax returns; conduct asset seizures and sales;  issue a Notice of Federal Tax Lien; issue a Notice of Levy; obtain writs of entry (civil law equivalent of a search warrant);  refer cases for investigation by the Criminal Investigation Division and Examination Division; and initiate civil suits in Federal Court.