NO! There is a collection statue expiration date for an IRS debt. Generally that date is 10 years from the date the tax is assessed. I meet with people who say, "I have been trying to pay on this but I don't think I am ever going to get it paid off with IRS adding penalty and interest every month." We get the transcripts or call IRS to determine where are you in the collection process and how long will this debt last? It is not uncommon for IRS debts to be approaching the expiration date and the taxpayer have no idea their debt is about to be forgiven. In 27 years I have never had an IRS agent tell me when a collection status is about to expire. You have to ask. A bankruptcy filing, a timely filed collection due process request, or an offer in compromise are common ways the statue is extended beyond the 10 years. If you take these actions, the clock stops and isn't running while these actions are pending. Don't file bankruptcy a month before the statue expires to extend the collection statues unless you have too. If your debt expires, then the transcript of your account will say statue expiration debt forgiven. Your balance will be zero. We always want to know how much time is on the clock as we determine how to help you deal with an IRS debt.
Robby
Selph & Friday CPA
Phone: 903-792-0281www.selphandfridaycpa.com
Email: rselphcpa@cableone.net
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IRS or state tax problem? We've been representing taxpayers since 1986. If you hire us, you are done talking with the IRS. We do that for you. After 25 years of representing taxpayers, we understand the physical and mental toll a tax problem can have on you. Let's get started on a solution! Need a tax preparer? Bring all of your information and I will prepare your tax returns while you are here. If you have a refund, lets get it in your bank account.
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