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EXPIRE IT: IRS STATUTE OF LIMITATIONS

Sometimes the best way to settle with the IRS is to let the problem go away. There is an IRS statute of limitations for every tax assessed against you. Generally, the IRS has 10 years to collect an amount you owe. This is the collection statute of limitations. By law, the IRS is not allowed to collect from you after the 10-year period ends. The 10 years is measured from the day a tax liability has been finalized. A tax liability is finalized when you file a return—not when it is due to be filed.

There have been many times when a client comes in who looks like they have been “dragged through a knot whole backwards.” They explain in minute detail everything they have suffered for many years due to their IRS tax debt.

When I get a power of attorney, IRS form 2848, and review their problem, lo and behold—there is no problem. Ten years have passed and the problem is no longer there but the client has been acting as if were Butch Cassidy or the Sundance Kid, except the IRS isn’t chasing them. If they are being chased it’s someone else.

If a client has only a few months left before the debt expires, we let “sleeping dogs lie.” If the expiration date is too far off in the future we might suspend it, by putting it in IRS currently not collectible status.

The IRS has three years to audit your tax return or to ass any additional tax liabilities. This is measured from the day you actually filed your tax return. If you file your return before the April 15th deadline, the three year period begins on April 16th. On April 17th, three years later, the IRS cannot audit you for that tax year unless there is a suspicion of tax fraud.

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