An offer-in-compromise lets you ask the IRS to settle your tax debt for less than you owe. The IRS has full discretion to accept or reject your offer. The IRS may also counter your offer. You have a right to appeal the decision.

Yes. On average, the IRS accepts roughly 4 in 10 requests for an offer in compromise.  

The Offer in Compromise (OIC) process can take up to a year. During this time, interest on your tax debt continues to grow. This is why getting your OIC right the first time is crucial. Mistakes can lead to having more debt than when you started.