If you agree that you owe the IRS money but are not in a financial situation to pay any money, the IRS may agree to put you into a Currently Not Collectible status. The currently not collectible status stops all forms of collection activity. We often recommend to clients that while they are in this status they use this time to file an Offer In Compromise. While in a currently not collectible status the IRS will still continue to charge you penalties and interest, and they may keep all future refunds to apply to your debt. The IRS may review your status annually to determine to determine if you still qualify for this status.