Beloved, an offer and compromise is a deal that you make with the internal revenue service to significantly reduce a huge debt to the federal government. Much of the debt consists of late penalties and interest.
Some of the major contributing factors to an offer and compromise is your overall debt, the number of years the debts have been incurred, your ability to pay a percentage of the debt in either 6 months or 24 months. The best deals are usually when you can give a lump sum payment within a 6 month time period, often times your overall debt can be reduced down to as little as 20%.
The federal government is like any business that has accounts receivables and would like to get something rather than receiving nothing. 100% of nothing is still nothing!
The 24 month payment plan is usually settled for about 25-30% of the overall debt. You will be encourage to beg and borrow the funds to get you out of debt.
You can start by going to irs.gov and using their offer and compromise pre-qualifier to determine if you are eligible based on income, expenses, etc., then you will complete the offer and compromise pdf booklet that you can type-in directly on the computer screen, print out and sign and mail it in. It may be best to have your monthly payments direct debit from your account on the appointed day.
Here's the kicker, you can send in your payments without the irs fully acknowledging and/or accepting your offer and compromise, they may take 2-3 month to consider your offer, meanwhile you are expected to continue to pay and then the decision to accept is made somewhere along the line, if your offer and compromise is not accepted then those payments will go down as simply payments to your overall debt, what the hell!