Collection Statute Expiration Date

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Collection Statute Expiration Date

IRS Statute of Limitations On Collection Statute Expiration Date

Tax law provides that the length of period for collection after assessment of a tax liability is 10 years. Each tax assessment has a Collection Statute Expiration Date.

The collection statute expiration date is generally the window that the IRS has to legally collect a taxpayer’s tax balance. The legal framework includes 10 years from the date of assessment to have the right to collect tax debt. In other words, If the IRS is requesting you to pay dues older than 10 years, their organization has passed the due date. If this is your circumstance, contact a tax professional immediately. Justice lies within the law, and the government should abide within the legal frameworks

Essentially, the Collection Statute Expiration Date has a decade to legally collect a tax balance. Victory Tax Lawyers wants to share a few examples if you are wondering how to extend the due date:

  • Request a Collection Due Process Hearing
  • Apply for an OIC (Offer In Compromise)
  • Reside outside the U.S. for six months or longer
  • Apply as Innocent Spouse Relief

In some cases, the IRS may ask you to extend a given time period of CSED. At that time, the IRS has no right to gather tax debts. The IRS, for example, extends the CSED when taxpayers request innocent spouse relief, or a collection due process hearing; apply for an offer in compromise; file for bankruptcy; or was abroad for six months or more.

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Frequently Asked Questions

How much time do you think we will have to resolve my IRS accounts?

Generally speaking, we attempt to secure a 30-day collection hold with the IRS. Meaning the IRS will not take any aggressive actions during the 30-day term. Within the 30 day term, we will need to be sure you are taking corrective action to become current and compliant, file all missing returns, and work toward developing a financial strategy to resolve the balance dues. However, we do have tools that will allow us to extend this timeline and if our efforts are going in the right direction, the IRS will usually allow us additional time.

Do I need to give the IRS information about my bank accounts and assets?

This is a yes/no answer. If you owe the IRS more than $10,000 in 941 tax liability you can fully expect to have to provide information about your business. If the liability is more than $25,000 in 1120 income tax debt, the same thing applies. However, if you owe less than $50,000 in personal income tax debt or trust debt you may not have to provide information about your personal finances.

What if I can’t afford to submit the application fee?

The IRS uses Low-Income Certification guidelines to determine whether a person qualifies for poverty level. If you meet the criteria, you do not need to send in the $186 application fee, and you can wait to send in additional monies, including your initial payment and monthly installments until you hear back from the IRS.

What happens if I never hear back from the IRS about an Offer in Compromise?

If the IRS does not contact you within two years about the Offer in Compromise, the agency will automatically accept it.

Can I get an IRS Tax Lien withdrawn?

Yes, if your balance is below $25,000, you’ve been on a direct debit payment plan for 3 months or longer, you can apply to have your tax lien withdrawn. The experts at Highland Tax Group, Inc. can assist with this application.

Does an IRS Lien show up on my credit report?

Yes/No. Recently, the credit bureaus stopped harvesting data concerning IRS tax liens and reflecting the same lien on a credit report. However, if your tax lien was filed more than 1 year ago, the lien may still show up on your credit report

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