When it comes to an IRS tax debt settlement, one of the best available options is to appeal for an Offer in Compromise. This is an agreement between your tax attorney and the IRS where you will pay a lesser amount than what you actually owe.
The purpose of an Offer in Compromise is to convince the IRS that it is not worth their time to forcibly take money from you (i.e. levy) when you have no funds to give anyway. Your alternative is a lesser one-time payment or a more flexible payment scheme.
Requisite Criteria for Consideration of an Offer in Compromise