Business Finance - Accounting Offer in Compromise Writing Assignment Due April 1 (Due in 4 h)

Facts narrative

Michael and Teresa Campobasso are married. Michael works in  hospitality management with seasonally variable overtime; Teresa works  in retail. Their prior IRS Form 1040 non-filing arose after several  years of erratic withholding, family emergencies, and reliance on  extensions that were never completed. They have now filed the five  delinquent returns through your CPA firm Ugatu B. Kiddenme & Sons,  CPAs and face a combined assessed balance of approximately $60,000.

The couple rents an apartment in Lehigh Acres, has one financed  vehicle and one older paid-off F-150, and keeps only a small emergency  reserve of under $1,000.

You have been tasked with filing an offer in compromise (Form 656)  with a request to abate taxes and penalties due based on doubt as to  collectability.