An Offer in Compromise lets you settle for less than you owe. The IRS calculates your Reasonable Collection Potential. Florida's homestead exemption and unlimited retirement protections can reduce the asset portion of this calculation, making Pinellas County taxpayers' offers more competitive.
The process takes 6-12 months. You submit Form 656 with financial disclosure, pay a $205 fee, and make proposed payments while pending. If accepted, the balance is forgiven.
Want to know if an OIC is realistic? Let me run the numbers.