Good morning, my name is Bob Jablonski. I'm an enrolled agent. My firm is Possible On Screen Associates, located in Richardson, Texas. Today, I want to talk to you a little bit about the senior IRS collection statute and why it's important. So, what is the ten-year IRS collection status? Essentially, it says that the IRS has ten years from the date of tax assessment to collect the tax debt. After 10 years, the clock stops, and the IRS must cease collection efforts. The debt becomes unenforceable, meaning you no longer owe that debt to the IRS. They cannot continue to enforce it. However, there are actions that can be taken by the taxpayer that can delay the 10-year limit and put a hold on collection efforts. We'll talk about those in a bit. Now, let's discuss how the ten years are calculated. The clock starts on the date the tax is assessed, not the date it is filed. When we file our tax returns, whether it's done by tax preparers or through software like TurboTax, the date of assessment is usually the same date as the filing date. However, there are instances when returns are filed on paper or when the IRS asks the taxpayer to file a return through a substitute for return process. Once a paper return is processed and accepted by the IRS, that becomes the date of assessment. Now, let's move on to events that can delay the clock and extend the period beyond ten years. One of them is bankruptcy, which adds an additional six months to the ten-year period. If you make an offer and compromise, the time during which the offer is being considered and the IRS is not actively collecting on the debt also extends the clock. Additionally, if you have an installment agreement...
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10-year statute of limitations on tax debt collection Form: What You Should Know
What You Need to Know About The IRS 10-Year Statute of Limitations Period The IRS 10-Year Statute of Limitations Period is 10 years, even if you have not received your debt notice. In most What Taxpayers Must Know about IRS 10-Year Limitations Period The IRS has a 10-year limitation period to collect unpaid tax debt owed on the date it is filed (e.g. if taxes are not paid on the 10th day of Where Do I Report the IRS Collection of Tax Debt The IRS can require you to send notice of the notice the IRS sent you in order to pay the tax you owe. However, the Notice of Tax When Do I Report my Tax Debt? The IRS may contact you to collect the tax debt by mail or to file an action if you have not paid by the Can the IRS Contact Me After the 5th Year? If you can still owe the IRS, you have to continue to file your tax returns and pay the IRS on or prior to the 5th year after the Why Is It Important to Pay My Taxes For IRS collections to be valid, the IRS needs payment. The agency needs to be paid in order to process the debts for which you owe. If you miss this payment How Do I Report My Tax Debts to the IRS? For income taxes, you must report the taxes yourself. It is the taxpayer's responsibility to What Do I Do If I Can't Pay My Taxes on Time? You should be able to pay your taxes on time. IRS notices require you to pay some or all of your income tax by a date provided by the IRS. When Should I File my Tax Returns? When the tax information you provided on your tax return for the year shows you to be in financial hardship. This means that you What You Need to Know About IRS Disapproval of My Tax Return: IRS Disapproval of My Tax Return If the IRS has a disagreement with the amount of your tax payment, the agency might require you to pay some or all of your taxes by a date provided by the IRS. What If I Do Not File My Return on Time? If you are required to file by the due date, you may be required to file an amended return.
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