LYCOS RETRIEVER 
Irs Offer in Compromise: Internal Revenue Service
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An offer in compromise (OFFER IN COMPROMISE) is an agreement between a taxpayer and the Internal Revenue Service (IRS) that resolves the taxpayer's tax liability. The IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment under certain circumstances. The IRS may legally compromise for one of the following reasons:
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In very rare cases of tax debt, the Internal Revenue Service (IRS) may accept an Offer in Compromise (OIC), an agreement that relieves a taxpayer of liability for tax debt. This measure should be considered a last resort for attempting to rid oneself of debt, as OICs are adopted in less than 1% of cases.
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The IRS has ... set another criterion to find out if a person can be considered for the offer in compromise. If the Internal revenue service department feels that paying the complete tax would make a tax payee to face hardships and economic problems, then the tax payee would have to pay only some part of the total tax levied on him.
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Internal Revenue Service