The IRS generally has ten years to collect any taxes due from when they made the initial assessment. Usually the date of assessment is the date the return was filed (but not before the original due date of the return). There are many things that can extend (toll) the amount of time the IRS can collect though, like bankruptcy, or filing for different payment options. We can get your tax transcripts and see what the statute of limitations is on any different amounts of tax due, and we use that information to create an overall plan. Sometimes it’s best to let that time period run out, but often you need to come up with another solution quickly. There can be a lot of strategy involved in taking advantage of this date.
