An offer in compromise allows you to settle your tax debt for less than the full amount you owe. The IRS considers your unique set of facts and circumstances:
The IRS will generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time. The Offer in Compromise program is not for everyone.
Before an offer can be considered, you must be current with all filing and payment requirements. You are not eligible if you are in an open bankrputcy proceeding.