USA IRS Notice of Intent to Levy & Offer In Compromise tips?

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A US based C corporation has a received a IRS Notice of Intent to Levy, I have never dealt with this before looking for some advice if anyone has dealt with this.
Is there a simple way to delay ? I am guessing no.
Also what does filing an 'offer in compromise' Form 656 do? Will that delay the collections while the offer is considered? It appears they almost qualify but are missing a few returns.
I plan to file the missing returns and the offer just looking for some seasoned accountant experience.
Thanks in advance.

 

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Here's a link for Offer in Compromise

Topic No. 204 Offers in Compromise | Internal Revenue Service

Topic No. 204 Offers in Compromise

www.irs.gov

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The Notice of Intent to Levy means that the debt has been outstanding for a while and the C Corp has not made a concerted effort to make payment on the debt or work out a payment agreement. In order to get IRS to agree to an offer-in-compromise you must not be in arrears with other Federal tax debts.

Levy | Internal Revenue Service

An IRS tax levy permits the legal seizure of your property to satisfy a debt. Find answers to common questions about a tax levy.

www.irs.gov

 

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Here's a link for Offer in Compromise

Topic No. 204 Offers in Compromise | Internal Revenue Service

Topic No. 204 Offers in Compromise

www.irs.gov

.

The Notice of Intent to Levy means that the debt has been outstanding for a while and the C Corp has not made a concerted effort to make payment on the debt or work out a payment agreement. In order to get IRS to agree to an offer-in-compromise you must not be in arrears with other Federal tax debts.

Levy | Internal Revenue Service

An IRS tax levy permits the legal seizure of your property to satisfy a debt. Find answers to common questions about a tax levy.

www.irs.gov

Thanks i was checking that out.