You certainly can. Go to the IRS information page on Streamlined Installment Agreements for more information. If you qualify, they do not require any financial information.
It’s not their intention, but they very likely will file a notice of federal tax lien with your local courthouse. This filing will have a negative impact on your credit and trigger an avalanche of mail offering to get you out of your mess for ‘pennies on the dollar’.
The statute of limitations for collections is 10 years. However, lots of things can extend that time including filing for bankruptcy, proposing an offer-in-compromise or submitting a request for a payment plan.
They have lots of tools. They can seize bank accounts, investment accounts including IRA’s and pension money. They can order your employer to send a big chunk of your paycheck directly to them. They can and will file lien notices wherever you have real estate.
It all depends upon the financial situation. If their analysis shows that the taxpayer can pay the debt in full, they will make every effort to get it. The IRS has collections powers that go beyond those of commercial debt collectors. Most IRS personnel take their purpose of representing the government’s interests seriously and do not freely write-off balances due unless they can be convinced it’s in the governments best interest.