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The IRS statute of limitations is the amount of time during which the IRS can collect on any delinquent tax you owe them. Usually this is 10-years from the date the taxes were assessed, but there can be exceptions to the IRS statute of limitations, allowing for more than 10-years.
Anytime the IRS cannot collect from you, typically they can extend the statute of limitations equal to that time they could not collect. However, there is one main exception to this rule. When you are classified as Currently Not Collectable, the statute of limitations continues to tick down.
Using the IRS statute of limitations to your benefit is just one of the many tactics you will discover with our system. If you still have nine years remaining on your IRS statute of limitations it may not play as an important role in your tax resolution strategy as if you only have one-year remaining. Minimizing both the required monthly repayment amount and the number of years remaining on your IRS statute of limitations is one way to ensure you payback the minimum amount possible when using the Installment Agreement program. Also, knowing how many years you have left on your statute of limitations can give you leverage should you want to try and use the Offer In Compromise program.
If the IRS statute of limitations is not counting down for you, our system will make sure you know why your clock is not moving and how to get it started again.
If you are still within your IRS statute of limitations time period, you will have to start working on a tax resolution plan now or risk the heavy hand of the IRS and their collection tactics. To ensure your paycheck and bank account are secure you will want to start your tax resolution for your back tax debt today.
It is hard to impossible to wait out the IRS statute of limitations. While you can use the IRS statute of limitations as tool for lowering your required repayment amount, it is never advisable to try and wait out the IRS statute of limitations. Ignore the IRS long enough and they can, at their discretion, seize your assets.
It is better to find a way to resolve your taxes for the least amount today than it is to wait out the IRS and let the IRS statute of limitations run out. The IRS knows how long they can collect from you and typically, they will start to seize your bank accounts, and, if you are working, they will seize your paycheck long before the IRS statute of limitations expires.
From time to time the IRS can request that your voluntarily extend the IRS statute of limitations so that they may collect for a longer period of time. You are probably thinking why would you ever want to agree to that. For the most part you probably don’t want to.
However, it can help in some specific situations. For example, if you have 1-year left on your IRS state of limitations and the IRS has been reaching out to you with their heavy hand in the form of bank levy and wage garnishment, you will obviously want this enforcement to stop. If the IRS is refusing to back down unless you enter into a 3-year Installment Agreement with them for $150 a month, you may want to allow them to extend your IRS statute of limitations so that they won’t be able to garnish your wages or levy your bank account. This might be the cheapest and the most stress-free solution for you.
By entering into the 3-year Installment Agreement for a monthly payment of $150 a month you will be settling your tax debt for ($150 x 36) $5,400. If you have an outstanding tax bill of $25,000, then this agreement will provide you the following benefits:
In the perfect world you want to settle without extending the IRS statute of limitations, but in the real world sometimes this is inevitable. In this example, not only would you be able to settle your taxes for a reduced amount through an affordable payment program, but the stress of owing the IRS and the stress of the IRS being able to take your wages and the money in your bank account would be over.
If you are presented with this situation, you will just have to weigh the pros and cons of extending the IRS statute of limitations or fighting back against this extension.
Getting Started With Your Tax ResolutionWe encourage to start with our FREE Pre-Qualifier so that you can make sure you are a good candidate for our tax resolution program, the Resolution Assistant. It’s FREE and we don’t ask for your credit card, date of birth or social security number. Don’t delay! Start today to protect your bank account and paycheck.
