Closing Agreement

Business, Legal & Accounting Glossary

Definition: Closing Agreement


Closing Agreement


Full 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 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.


Cite Term


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Page URL
https://payrollheaven.com/define/closing-agreement/
Modern Language Association (MLA):
Closing Agreement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 06, 2021 https://payrollheaven.com/define/closing-agreement/.
Chicago Manual of Style (CMS):
Closing Agreement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/closing-agreement/ (accessed: December 06, 2021).
American Psychological Association (APA):
Closing Agreement. PayrollHeaven.com. Retrieved December 06, 2021
, from PayrollHeaven.com website: https://payrollheaven.com/define/closing-agreement/

Definition Sources


Definitions for Closing Agreement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.