In the case we got accepted this week, the lady had a house worth $140,000 and a $40,000 note against it. Her Offer that was accepted was $1600.00. Wow. In this situation, the IRS didn't see that the equity was accessible due to her minimal income and exhaustive expenses.
Do note that in 2012, the IRS made some of their most radical changes to the Offer Program: Offer in Compromise - Rules Changed -- Big Time!
Not a bad deal. Call us at 1-888-282-4697 to discuss how the Offer program might serve you or EMAIL us a description of your tax issue and we'll contact you. Staff of Washington Tax Services.