I’ll just wait them out—The 10 year statute of limitations

If you are insolvent and have next to nothing to take (either now or in the future) this may sound attractive. But what if you get an inheritance or other money in future years? The IRS will want to claim their share first! If truly insolvent, it is recommended that the offer in compromise be pursued.

However, if the balance due is not collected in 10 years it expires. But the IRS will hotly pursue you in the last few years with demands to “extend the statute” and aggressive tactics to collect as much as possible before the statute expires. So this is not a great approach either.