Wednesday, August 10, 2011

The 10 Year IRS Statute of Limitations: How Long Can the IRS Collect From You?

You're trapped in a tax debt you don't want.

The interest and penalties continue to add up; there's no way out.

You might be tempted to wait until the statute of limitations on this debt expires, but wait...the IRS has 10 long years to collect from you!

And there's more bad news, the IRS may be able to collect from you even after those 10 years have passed!

Dispelling the rumors: That's right, the IRS can resume collection efforts even after you've owed them for a decade. Let me tell you what to avoid if you don't want to keep paying the IRS for 11, 12, 13 years or more!

Extending the IRS statute of limitations: Certain actions could extend the IRS's statute of limitations, allowing them to collect on your tax debt for years to come.

This is why it's so important to consult with a professional before you try any of the solutions for your tax debt listed below. You're doing the right thing trying to resolve your tax debt, but if you make the wrong move you could end up owning more, or owing for many years to come!


The following may extend the Statute of Limitations on your Tax Debt:

-Chapter 7 and Chapter 14 Bankruptcy

-Filing An Offer in Compromise

-Being in litigation with the IRS

-Requesting a Collection Due Process Hearing

-Filing a Federal Lawsuit

-Signing a Waiver for the IRS

The general rule of thumb is this; any action that puts your IRS Case on hold may extend the IRS Statute of Limitations. Otherwise, the IRS is losing years to collect "their" money!

Be careful when working with the IRS, do your research to ensure you select the plan that will work for you the first time. Re-submit an offer or apply for another way to pay and you could be giving the IRS more years to collect from you!

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