Hi this is Michael O'Leary again from by the book taxes I am here today to talk about something that I believe is little-known by taxpayers and that is the 10-year collection statute the IRS has a statute of limitations on collecting delinquent taxes from taxpayers I don't think most taxpayers realize this but the time period is ten years from the date the tax is assessed that's it they can't come after you forever it's ten years from the assessment date so here's an example of how it works and what the assessment date is let's say you file a tax return on April 1st of 2023 your 2023 tax returns within a few days the IRS computers process the return and if there's a balance due they assessed the tax so for let's assume a returns filed April 1st they process it on April 5th they assess the tax on April 5th you add ten years to that April 5th of 2023 assessment date and the IRS has until April 4th of 2023 to collect tax after that the statute of limitations has expired and they are no longer able to enforce collection now there are four things which can cause the ten-year clock stop the turn they actually use is tall or even freeze those four things are filing for bankruptcy requesting a collection due process hearing setup and installed in a payment agreement or filing an offer in compromise once all these requests and processed and completed the clock will start again with the bankruptcy once the bankruptcy is discharged the clock starts again plus an additional six months is added to the statute very important to understand where you are in this ten year clock and what if anything in the past has happened such...
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Can the irs collect after 10 years Form: What You Should Know
I, (signature of Applicant/Person Filing the Application): [signature of person filing name of Applicant/Person/Company to whom the Direct Deposit will be made], (signature of applicant or person filing company name and address on behalf of applicant/person filing company name and address on behalf of company), hereby authorize the Company to deposit 7.00/month (USD), within thirty (30) calendar days, from the deposit date, into my bank account. [additional names are allowed as separate lines] 1. Name of Applicant/Person : Applicant/Person/Company name 2. Address of the Applicant/Person/Company : Calculation of the address of the company is based on the street address. 3. Signature of Applicant/Person/Company Official : Signatures of at least two (2) individuals, a signer and a signer for each line in the form, each are required. 4. Number of Deposits : Nominal 7.00. 5. Deposit Date : Date the money to be deposited in my bank account is to be made. 6. Monthly Rate : Monthly rate of .00/deposit is to be entered for the first one (1) monthly deposit made, then monthly rate to be changed each subsequent deposit made. 7. Payment Terms : Payments must be made in full in the time indicated in the form, for each monthly deposit. Return the form to VSP at: I certify that the above statements are true and correct to the best of my knowledge and belief. I am duly authorized to sign this application. Signature(s) of person filing these statements as follows: Signature of Applicant/Person signing form : Signature of applicant/person or company/contractor/assignee signing form Name of Applicant/Person/Company : Name of Applicant/Person/Company address : Street address 1 : Street Address 2 : City : State : Zip Code : 74027. 3. Address of Applicant/Person/Company : Calculation of the address of the company is based on the street address. 4. Signature of applicant/person/company official : Signature of at least two (2) people, one signer and one signer for each line in the form, each are required. 5.
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