IRS Tax Expiration

There is a ten (10) year statute of limitations that the IRS has on collecting outstanding tax debt. This statutory period is determined beginning from the date the tax is initially assessed and a notice letter regarding the tax debt is sent to the taxpayer and extends out for ten years from this date. After ten years from the initial date, the statute of limitations expires and if this occurs, any outstanding tax debt may be eliminated. It’s important to keep in mind, however, that the statute of limitations regarding collection of IRS tax debt may be extended under a variety of circumstances.