negotiate with the irs: The "10-Year" Tax Expiration Deadline
- 09/14/20 03:10 PM
As a general rule, the IRS only has 10 years to collect your tax debt, at which point, the debt expires and is no longer collectible. (As with all IRS issues, there are some exceptions to the rule.) The 10-years starts ticking down on the date that the tax is assessed. Once the 10-year time period has run out, the debt basically just goes away. However, there are some things that taxpayers do that can extend that date. 1) Bankruptsy - any time that the tax payer is in bankruptsy and the tax cannot be collected upon, the expiration date gets extended for the … (1 comments)
negotiate with the irs: What is the first step in negotiating with the IRS? Compliance.
- 09/14/20 02:27 PM
The first thing everyone asks about their IRS debt is "can we negotiate it down"? While the answer may be "yes", the IRS will not even consider your offer or your payment plan agreement if you are not in "tax compliance". What does this mean in IRS language? In order to be in "compliance" with the IRS, it means that you are current on at least the last 6 years of tax returns and that you have paid or are actively paying in all of your actively accruing taxes. If you are a W2 employee, that means that you are having taxes withheld from your check. If you are self employed, that … (1 comments)
As a general rule, the IRS only has 10 years to collect your tax debt, at which point, the debt expires and is no longer collectible. (As with all IRS issues, there are some exceptions to the rule.)
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