Exchange Currency

closing agreement

An agreement made between the IRS and a taxpayer for the purpose of settling an outstanding tax liability if it determined that there is no benefit to the IRS for pursuing further payment. The agreement is usually specific to one type of tax liability and it does not preclude the IRS from attempting collection on an unrelated liability.

Related information about closing agreement:
  1. Closing Agreement: Definition from Answers.com
    Written agreement between a taxpayer and the Internal Revenue Service that conclusively settles a tax liability for the taxable year ending prior to the.
     
  2. Correcting Plan Errors – Audit Closing Agreement Program (Audit ...
    Sep 6, 2012 ... Correcting Plan Errors – Audit Closing Agreement Program (Audit CAP) – General Description. A plan sponsor that does not come forward to ...
     
  3. 7.11.8 EP Determinations Closing Agreement Program
    (1) IRM 7.11.8.2.1, Preparing the Application for the Closing Agreement Process was modified to show that the Plan Document Failure Worksheet should be sent ...
     
  4. Closing Agreement Request - State of New Jersey
    (b) A closing agreement may be executed even though under the agreement the ... (a) A closing agreement which is approved within such time as may be stated ...
     
  5. What is closing agreement? definition and meaning
    Definition of closing agreement: An agreement made between the IRS and a taxpayer for the purpose of settling an outstanding tax liability if it determined that ...
     
  6. Closing Agreement On Final Determination Covering Specific Matters
    Under section 7121 of the Internal Revenue Code, the parties named herein and the Commissioner of Internal Revenue make the following closing agreement: ...
     
  7. closing agreement - Business Definition
    closing agreement definition: An agreement that finalizes a dispute between a taxing authority and a taxpayer. The dispute may be in regard to a tax liability or a ...
     
  8. Closing Agreement On Final Determination Covering Specific ...
    following closing agreement: WHEREAS, Taxpayer underreported federal income taxes for tax years 2003, 2004,. 2005, 2006, 2007, and 2008 through offshore ...