STATUTE of LIMITATIONS ASSESSMENTS Form

Instructions and help about STATUTE OF LIMITATIONS ASSESSMENTS

under Section 6502 of the Internal Revenue code that's the tax code the IRS has 10 years from the date it assessed the tax to collect that tax this is known as the statute of limitations on collections now let me repeat that very carefully because this 10-year time limit has it misunderstood by many taxpayers as well as tax professionals that I've interacted with over the years I'm going to repeat it then break it down for you the IRS has 10 years from the date it assesses attacks to collect that tax so let me ask you dear audience when does that 10-year clock start ticking does it start ticking in the year itself does all 2014 tax debt magically go away in 2024 now does it start ticking when you file a tax return for a tax year now the 10 year clock starts ticking when the IRS assesses attacks but because people don't really know what that means they kind of come up with their own definitions they think oh that must mean from the date of the Year itself or that must mean from the date