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Is there a statute of limitaions for which the federal gove. can collect income taxes due? |
Is there a statute of limitaions for which the federal gove. can collect income taxes due? The statute of limitations for collecting the tax is different from the statute for assessment of tax. Assessment statute: 3 years from the date that the return is filed or due, whichever is later Collection statute: 10 years Nope.. they can pretty much nail you until you turn 100...that's when you become tax exempt. Only when you are dead and even then I'm not too sure about. death slows them down They can go back 3 years (from the date the return was filed). If they beleive you committed fraud, then they can go back to audit every return you ever filed. As for the future, as long as you owe it, they can collect it, dead or alive. CPA If you file a return, and the return is not fraudulent, the general statute of limitations for the IRS to assess tax is three years from the date of filing (or the due date, if later). There are other provisions that could extend the limitations period on assessment under certain circumstances. Assessment is just the formal process by which the tax becomes immediately due and payable. Generally, taxes shown on a return are assessed when the return is filed. The IRS may assess additional taxes (not shown on your return) after going through additional procedures. If you did not file a return, there is no statute of limitations on assessment. If the tax has been assessed but not paid, the statute of limitations on collection is 10 years from the date of the assessment. Putting together the periods for assessment and collection, you are on the hook for at least 10 years and possibly longer. |
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