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The idea to submit an Offer in Compromise really depends on your overall financial situation and whether or not the IRS believes that they can reasonably have a chance to collect the full debt owed either in a lump sum payment or through a payment agreement.
In most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential.
The reasonable collection potential is how the IRS measures the taxpayer's ability to pay and includes the value that can be realized from the taxpayer's assets, such as real property, automobiles, bank accounts, and other property.
The reasonable collection potential also includes anticipated future income, less certain amounts allowed for basic living expenses.
Also keep in mind that although there are many "promoters" who advertise that they can help you drastically reduce taxes you owe the IRS, in reality, the IRS only approves on average about 15% of all Offers in Compromise that are submitted.
It certainly never hurts to try submitting such an offer. Just keep in mind that if you are bringing in enough current income or have enough assets that the IRS feels would enable you to fully satisfy this debt, then your chances of having an OIC accepted would be slim.
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