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Regarding the Statute of Limitations on a Tax Debt
By Darrin Mish
Sometimes, people get into thinking if there will ever come a time when after years of collecting tax debts from you, the IRS can no longer impose any of its collection methods. Is there such a thing as statute of limitations n IRS tax debts? The answer is YES. The law says that the IRS can only go after you in a period of 10 years. After that time, your debts are considered non-existent, and your IRS problems, solved. Although this strategy seems plainly simple, that is outwitting the IRS for 10 years just by not paying them, it is not. Inquire from anyone who has experienced being trailed by the IRS for tax debts. They will certainly remark that the government has grown better and better at utilizing all means of tax collection. During those 10 years, the IRS will definitely use every tactic and strategy available to get their money. Not only will the IRS take every possible action, a tax lien will also be imposed on your credit record that will remain in effect until after the 10 years or until the statute of limitations has officially run its course. This tax lien will definitely decrease your credit score and in effect, you will not be eligible for a loan of any sort. With this, you should try your best to refrain from getting a lien as it poses a grave IRS problem. So the best solution is to actually work with the IRS so that they don't go to such extreme and damaging techniques. Not only is 10 years a very long time to battle the IRS, but certain circumstances will also extend the statute of limitations period and make it last longer than the specified period. For instance, if you apply for an OIC, or an Offer in Compromise, the process to receive an acceptance or denial could take over a year. The statute of limitations on your tax debt is essentially frozen during that period and in the event that your submitted OIC is not approved, it will continue from the point when the decision was made, which will effectively add another year to that 10 year period. Filing for bankruptcy also increases your statute of limitations period. This happens because until a decision on your bankruptcy claim is reached, the IRS can't collect money from you and your 10-year period is frozen. In effect, your statute of limitation period is increased. Many will see this situation as disheartening and that none of this is good information. But if you are positive about it, you will understand that the IRS cannot run after you for unpaid taxes forever. The fact that certain measures are available to lessen the severity of any IRS problem also makes matters lighter. It is also a great idea to seek professional assistance on this matter. After all, handling the IRS is one task that requires the help of those who are experts on the field of taxation. |
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