Is there an formula to use when preparing a offer in compromise to be submitted to the state of Georgia? IRS?

There is not set formula, but you must realize that neither the IRS nor Georgia will accept a payment that is so smal that it will not pay at least PART of the taxes owed. They have NO incentive to accept such an offer.

When I prepare Offers in Compromise, I generally tell the client that they should pay at least 25% of the taxes owed if they want to have any chance that it will be accepted.