You will likely hear from the IRS in about 4 to 6 months once an examiner has been assigned to your file. They will advise you of an acceptance, rejection or adjusted Offer amount that they would be willing to accept from you.
Offers in Compromise are very complex and require the preparer to have extensive knowledge of how they work....I highly recommend your getting legal counsel for yourself as proper presentaion is critical. They take from 6 months to a year as well to complete.
Eric P. Rothenberg, P.C.
ORSI ARONE ROTHENBERG
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Needham, MA 02494-2300
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Its really unclear, but I can tell you from my experience, going forward without an attorney or experienced tax lawyer can really hurt you in a situation like this. Without an attorney, you have little bargaining or negotiating power. Further, an attorney can negotiate on your behalf, with full knowledge of the tax laws and code, in an effort to protect you against wage garnishment, and potential tax lien.
Feel free to contact our office at (617) 742-4491 for help with this matter.