What Are Statutes of Limitation?
The IRS statute of limitation for collection is ten years from the date of assessment.
Statutes of limitation can eliminate your tax. The IRS statute of limitation is ten years from the date of assessment. Assessment date is the date the IRS declares that the tax is collectible. This is usually a matter of weeks after you file the return.
The assessment date is discovered by getting your transcript from the IRS. The assessment date is stated on the transcript.
Should I Act Now or Wait?
We may advise you to take no action at all if the statute date is relatively close. The statute of limitation remedy is available to people who have relatively little property. The IRS will be more insistent for person with substantial property and will pursue collection.
State statutes of limitation vary, though many adhere to the federal statute.
The statute of limitation remedy is not frequently used because it is passive, and should only be made after consideration of all remedies.