An Offer In Compromise is an offer to pay a tax assessment for an amount less than owed to the Government. To be accepted the Government must have doubt that your debt can be collected in full within the 10 year statute. You may request and be placed in Currently Not Collectible status if you are unable to make payments on a prior tax liability. You must apply and fall within certain IRS guidelines to be placed on Currently Not Collectible status. You will not be required to make payments until your ability to pay changes.