The IRS defines an offer in compromise (OIC) as "an agreement between the taxpayer and the IRS that settles the tax liabilities for less than the full amount". With that being said, those who are able to pay the original amount - either in full or through an installment plan - do not qualify for an OIC.
In this case, a payment plan may be the way to resolve your problem. If you don't qualify for the IRS Offer in Compromise program, a payment plan tailored to your specific needs may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts. Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.