Re: [taxchat] statue of limitations

Yes, there is still a 10 year SOL for collection.  The SOL can be suspended during the time an Offer in Compromise is being considered and during a bankruptcy case.  I had a client who recently got a Federal Tax Lien released because the SOL ran out.  His was actually 11 years because it was suspended for a year while he had an OIC being processed.  The OIC was denied, but it extended his SOL for one year while it was negotiated. 

 

 

From: Cris Kelly

Sent: Tuesday, September 23, 2008 2:39 PM

To: taxchat@yahoogroups.com

Subject: RE: [taxchat] statue of limitations

I thought after 10 years that the IRS could no longer enforce collections?

cris

From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Arnold M. Socol
Sent: Tuesday, September 23, 2008 12:35 PM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] statue of limitations

I do not believe there is any statute of limitations on a Debt.  It just accrues more interest.

Arnie

----- Original Message -----

From: Cris Kelly

To: taxchat@yahoogroups.com

Sent: 09/23/2008 3:28 PM

Subject: RE: [taxchat] statue of limitations

Sorry / IRS is trying to get money for taxes that were filed in 2002 from one of my clients.

Thanks,

cris

From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Arnold M. Socol
Sent: Tuesday, September 23, 2008 12:18 PM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] statue of limitations

What statute of limitations are you concerned about?  There are several for different things.  Such as, 7 years for civil suite, 3 years for IRS to audit, none for fraud. Just found out because of an accident I had in a national store - 3 years for personal injury. So be more specific.

Arnie

----- Original Message -----

From: Cris Kelly

To: taxchat@yahoogroups.com

Sent: 09/23/2008 2:53 PM

Subject: [taxchat] statue of limitations

Isn't it 10 years?

I just want to verify.

Thanks,

cris

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IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.

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