QUESTION
What is the statute of limitations for the IRS and where to begin?
Asked on May 15th, 2015 on Taxation - Florida
More details to this question:
I have always filed my taxes but I owe the IRS a very sizeable amount of money. What is the statute of limitations from assessment date that the IRS has to collect the taxes owed?
4 ANSWERS
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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The federal statute of limitations to collect taxes is 10 years from the date of assessment. It can get extended several ways, including living outside the US, signing a waiver, filing an offer in compromise or a CDP appeal, etc.
Answered on May 18th, 2015 at 4:42 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The IRS can collect taxes for 10 years after the assessment.
Answered on May 18th, 2015 at 4:41 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney with the details, but generally the statute on the collection of a judgment is 10 years, which can be re-upped for another 10 years if the IRS so chooses.
Answered on May 15th, 2015 at 4:59 PM
The IRS typically has three years, from the date of filing or the date the taxes became due (whichever is later) to audit or examine a return. That time period is extended to six years if there was a substantial understatement of income (25 percent or more). If there was fraud involved, the IRS has no limitation on how far back they can go to examine a return. If you never filed your return, then the clock hasn't even begun to tick yet. If you have unfiled return, I strongly suggest you get them filed.
Answered on May 15th, 2015 at 4:27 PM