Uncollectable status: When you convince the IRS that your necessary living expenses exceed your income to the point that you are not in a position to pay at this time. The IRS will delay collection for a number of months. During this time it is important to remember that penalties and interest will continue to accrue.
Installment agreement: The IRS and you agree to pay the amount owed in monthly increments. It is important to remember that if you enter into an installment agreement that interest and penalties may continue to accrue.
Offer in Compromise: This is when the IRS will settle for a portion of what is owed when there appears little likelihood that the IRS will be able receive funds exceeding the amount offered for a period of years.
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