Offer In Compromise

Irs Tax Statute

Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Taxes do expire at some point and in some cases IRS does not get the money they were legally entitled to collect.

Basically, IRS has 10 years from the date they send out their first bill to collect the tax. The 10 year rule does not apply

This entry was posted on Sunday, June 18th, 2006 at 11:45 pm and is filed under Uncategorized, offer in compromise, tax payment, irs offer in compromise, offer compromise, irs offer compromise. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.