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:
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Written agreement between a taxpayer and the Internal Revenue Service that conclusively settles a tax liability for the taxable year ending prior to the.
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