Statute of Limitations Analysis — Is Time on Your Side?
After assessing a taxpayer for unpaid taxes, the IRS has only so much time to then collect it. If it doesn’t do so within the time period, all of the powers given to the IRS will not be enough to allow it to collect the tax it assessed.
Like all the king’s horses and all the king’s men who could not put Humpty Dumpty together again, once the Statute of Limitations runs out, a tax debt which the IRS has assessed cannot be collected.
I can help analyze where a taxpayer stands in relation to a tax debt. Has time run out for the IRS? How much time is left? If very little time is left, how will that affect negotiations with the IRS? Sometimes, even if the IRS still has time, having only a short time left can help a taxpayer negotiate a favorable settlement.
Call me to find out if the statute of limitations is putting time on your side.