The Internal Revenue Service has a policy statement for almost everything they do and the offer in compromise is no different.

Policy Statement 5-97 regarding the Offer in Compromise

Stay of collection—offer in compromise cases

Submission of an offer in compromise does not automatically stay collection of an account.

If there is any indication that the filing of an offer in compromise was solely for the purpose of delaying collection of the liability or that delay would jeopardize the Government’s interest, immediate steps should be taken to collect the unpaid liability.

However, if it is determined that the offer merits consideration and that the Government’s interests would not be jeopardized by delay, collection action will be withheld pending consideration of the offer in compromise.
IRS Policy Statement 5-100

Offers will be accepted

The Service will accept an offer in compromise when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential.

An offer in compromise is a legitimate alternative to declaring a case currently not collectible or to a protracted installment agreement.

The goal is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the Government.

In cases where an offer in compromise appears to be a viable solution to a tax delinquency, the Service employee assigned the case will discuss the compromise alternative with the taxpayer and, when necessary, assist in preparing the required forms.

The taxpayer will be responsible for initiating the first specific proposal for compromise.

The success of the compromise program will be assured only if taxpayers make adequate compromise proposals consistent with their ability to pay and the Service makes prompt and reasonable decisions.

Taxpayers are expected to provide reasonable documentation to verify their ability to pay. The ultimate goal is a compromise which is in the best interest of both the taxpayer and the Service.

Acceptance of an adequate offer will also result in creating for the taxpayer an expectation of and a fresh start toward compliance with all future filing and payment requirements.

Does an IRS Offer in Compromise Stay the Collection, What you Need to Know