Good morning. This is true. You can deal with the IRS in one of two ways: i) if you can pay it within 60 months, the IRS will work out an installment payment arrangement with you; or ii) if not, you would want to file an application for an Offer in Compromise where the IRS will agree to forgive all or a portion of it that can't reasonably be paid within the 60 month period. You can find a step by step process for filing the Offer in Compromise application, as well as the full details of the program, in the IRS Offer in Compromise booklet which you can find at the following website: www.irs.gov/pub/irs-pdf/f656b.pdf
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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.