Offer In Compromise
This is not an agreement that the IRS makes with you just because you want it. You can't just call up and say you can only pay so much $$$ so I want an offer. There is a long and tedious process that can take up to two years to complete. They will accept an offer only if you can prove that it is very unlikely that they will be unable to collect the full amount you owe them in a reasonable time. In an offer, your debt can be resolved for very little money when compared to the actual amount you owe. This can truly be a life saver, but it is very difficult to get approved. You basically have to lay out your entire life's history, from providing them with the Fair Market Value of your home (if you own one) to proving what you pay for rent, utilities, and other essential living expenses. Credit cards don't count. To make it worse, they have national and local standards that you cannot exceed unless you are absolutely able to prove that you are deserved of the amount that you actually pay.