If you don't qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you more time to pay off your tax debts. Once your payment plan is in place, the IRS cannot bother you again unless you default on any of the terms of the payment agreement.
Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.
However, based on your particular circumstances, we may be able to get an abatement of some or all of the penalties.