Statute of Limitations

The statute of limitations (SOL) is the ten year time period allotted for the IRS to collect taxes. It does not begin on the date you filed your tax return. Instead, it begins at the time of "assessment", or when the IRS determines the amount of tax due. After their assessment, the IRS will begin their collection efforts. In most cases, the IRS will assess your taxes within three years of its due date.

There are certain events that may delay the statute of limitations such as a bankruptcy or the consideration of an offer in compromise. The IRS will not automatically stop all collections after the ten year period and may even try to have the taxpayer voluntary extend the statute of limitations. The Taxperts can determine if the statute of limitations have expired and prevent any furthur collections.