Can individuals with high personal income taxes propose to the IRS a discounted amount?

I have heard that under some circumstances, people can propose a discounted tax payment to the IRS. Is that true?

Public Comments

1. yes you can make a lump sum offer to pay off the taxes the IRS doesnt have to accept it though
2. An "offer in compromise" is possible when a large amount is due but it is unlikely the taxpayer would ever be able to pay the whole thing. It's not for, "Wow, I'd rather pay less."
3. It's called an offer in compromise. Only used as a last resort when a taxpayer has shown the inability to pay. Really annoying that I cannot post a link to IRS website. Go to irs dot gov, and search for Form 656.
4. Yes, it's called submitting an offer in compromise. Most are rejected though. About the only way they'll accept it is if it's obvious that you can never pay off all that you owe.
5. Current taxes? NO. BAck taxes, perhaps. . . . .offer in compromise. . . . .