What is an Offer In Compromise Offer in compromise is a program instituted by the Internal Revenue Service (IRS) for taxpayers who cannot pay the taxes they owe, or for taxpayers for whom it would create a financial hardship to pay the taxes they owe. An offer in compromise allows taxpayers to settle their tax bill
What Is an Offering Circular? An offering circular is a type of prospectus provided for a new security listing. It is delivered to individuals and brokerage houses who are interested in potentially purchasing the newly issued securities. It is often slightly abbreviated from the final, long-form prospectus, but is still required to contain specific information.
What Is an Offering Memorandum? An offering memorandum is a legal document that states the objectives, risks, and terms of an investment involved with a private placement. This document includes items such as a company’s financial statements, management biographies, a detailed description of the business operations, and more. An offering memorandum serves to provide buyers
What Is an Office Audit? An office audit is an examination of a taxpayer’s records by the Internal Revenue Service (IRS) from its offices, and not at the taxpayer’s home or office, to ensure compliance with tax laws. Generally more comprehensive than a correspondence audit but less so than a field audit, an office audit
What Is the Office of the Comptroller of the Currency? The Office of the Comptroller of the Currency (OCC) is a federal agency that oversees the execution of laws relating to national banks. Specifically, it charters, regulates, and supervises national banks, federally chartered savings associations, and federal branches and agencies of foreign banks in the U.S.
What Is the Office of the Superintendent of Financial Institutions (OSFI)? The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada that is responsible for the supervision and regulation of banks, insurance companies, and trust and loan companies. The agency also regulates private pension plans, which are
What Is an Official Settlement Account? An official settlement account is a special type of account used in international balance of payments (BoP) accounting to keep track of central banks’ reserve asset transactions with one other. The official settlement account keeps track of transactions involving gold, foreign exchange reserves, bank deposits and special drawing rights
What is an Official Strike? An official strike is a work stoppage by union members that is endorsed by the union and that follows the legal requirements for striking, such as being voted on by a majority of union members. Workers engaging in official strikes have better protections against being fired as opposed to an
What Is an Offline Debit Card? An offline debit card is a type of automated payment card, similar to a traditional (online) debit card, that allows a cardholder to pay for goods and services directly from their bank account. As it is not “online,” there is a delay before the incurred cost is debited from
What Is Off-Premise Banking? The term off-premise banking refers to any bank location that is not part of its primary branch network. They are often located in areas where customers might need quick access to cash, such as airports, shopping centers, and convenience stores. Typically, off-premise banking facilities do not have human tellers, but they
