The ads make it sound easy. It is not. IRC 7122 authorizes the IRS to compromise a tax case. For offers based on collectibility, IRM 5.8.4 measures the offer against reasonable collection potential, defined as the amount that can be collected from all available means, including administrative and judicial collection remedies.
Run the numbers first
Before anything is filed, the financial analysis should show whether the offer can work. If it cannot, a payment plan or currently not collectible status may be the better fit.
Be truthful on the forms
Concealing assets or falsifying records in connection with an offer is a felony under IRC 7206(5). Offers are signed under penalties of perjury.
Patience
Offers take months to process. The work is in the preparation.
General information only, not legal advice. Reading this page does not create an attorney-client relationship. Laws and IRS procedures change; the sources cited were reviewed on the date shown above.