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Video instructions and help with filling out and completing Can the irs collect after 10 years
Instructions and Help about Can the irs collect after 10 years
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 2022 your 2022 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 2022 assessment date and the IRS has until April 4th of 2022 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 as these four items to extend the statute of limitations it's very important for a tax professional and the taxpayer to know when the statute of limitations expires next year that there are balances do that expiration date is called a/c said or collection statute expiration date in our prior example the C said was April 4th of 2022 you need to know this because depending on how far you are either close to or away from that ten-year expiration knowing that will help you craft tax resolution strategy for the client pardon me I have a bit of a cold so here's some strategic forts if the cset is near very close to here or so and the client is going through some difficult times either due to a loss of a job and divorce or significant medical bills then it might be a good strategy to request they currently not collectible status and see if you can just run out the clock on the collection statute if however for example the 10-year statute still has eight or nine years to run what the client is undergoing some financial difficulties maybe now's a good time to do an.