IRS Statute of Limitations on Back Taxes

Are you getting ready to pay the IRS for back taxes that are owed or has the IRS been chasing after you for money? Before you pay the IRS you must read the rest of this article for important information that the IRS will not tell you.

There is a statute of limitation on tax debts. According to the law the amount of money that you owe to the IRS can be collected only within a period of 10 years from the original date of the assessment. Once the period is over, the tax debts will be removed automatically as a result of which you will become free from your IRS problem. Some people think that they can save money by not paying IRS for a certain period in these 10 years. But that is not true. IRS has got enough powers so it will use the necessary measures to collect the payment from you. They know how to collect money from a person. In certain cases they also place a tax lien on the person’s assets and credit. This lien will remain for 10 years. You won’t be able to take any loan due to the presence of tax lien. So, the debtor will try to make the payment as early as possible to release the lien.

Another rule with the IRS that can fall under that statute of limitations is that if the IRS does not assess taxes within a three year period of the tax return being filed, they cannot legally collect those taxes that you would have owed. This is extremely rare that an agent misses the statute of limitations in a case like this, but errors are sometimes made and a taxpayer can get away with not paying a penny of whatever the tax amount owed was.

You have 3 years to claim a tax refund.

This is measured from the original deadline of the tax return, plus three years. For example, your 2005 tax return was due on April 15th, 2006. 2006 plus 3 is 2009. You have until April 15th, 2009, to file your 2005 tax return and still get a tax refund. If you file your 2005 return after April 15th, 2009, and your refund “expires.” It goes away forever due to the statute of limitations for claiming a refund.

If you did not file a return, however, there is no statute of limitations timeframe for the IRS to start or complete an audit on you. There also is no timeframe limit for assessing and collecting any taxes due from you. In other words, if you do not file a tax return, the IRS can come after you 10 years after the date you were supposed to have filed a tax return.

The IRS generally has 10 years from the date of assessment to collect back taxes, late penalties and interest. However, the Statute of Limitations for collection is extended:

While an offer in compromise is pending.

While bankruptcy proceedings are pending.

While a taxpayer assistance order is in process.

While absent from the country for more than 6 months.

While a collection due process appeal is pending.

While some court issue are litigated, and

By taxpayer agreement.

Dealing with the IRS can be very difficult and costly if you do not have the proper advice and guidance. If the IRS is trying to collect money from you, then before you pay them one dime see if the statute of limitations has expired otherwise you could be throwing your money down the toilet.

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