I cannot possibly pay all of my delinquent taxes. What are my options?

If you’re unable to pay your delinquent taxes, there are a variety of settlement options available to you from the IRS. The first one is a monthly payment agreement, where you pay an amount that you can afford to pay every month. The second is what they call an offer in compromise. This is where you settle your tax debt for less than what you owe. And the third one is what they call currently not collectible status. This means that you are currently unable to pay what you owe, even though you may be able to pay towards your debt in the future.