If you don't qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your debt with the IRS. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.
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.
The good news is that there's a chance that LongSchaefer can get your tax penalties removed.