4. If you owe the IRS a lot and you have income or assets to protect, talk to a tax professional.
The IRS can put liens on the property of those who owe large amounts of taxes or it can collect from their bank accounts. An offer in compromise is a deal in which the IRS agrees to accept a lump sum that is less than what the taxpayer owes. But the process is complicated and only about 40% of applications are approved, so you might want to hire a tax professional to help you.
