IRS Tax Debt: Answers To FAQ
Get Legal Help Today
Secured with SHA-256 Encryption
UPDATED: Jul 15, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
The Internal Revenue Code is complicated and constantly changing. Justin Hein, Managing Attorney for Roni Deutch, A Professional Tax Corporation, p‘rovides answers to some common questions:
Do unpaid IRS tax debts ever simply go away?
Answer. Yes. The IRS has ten years from the date a tax return is filed to collect any IRS tax debt from that return. If it fails to collect the IRS tax debt during that time period, the tax debt – as well as any interest or penalties – expires completely. The date an IRS tax debt expires is known as the Statue Expiration Date (SED).
Can taxpayers view IRS transcripts?
Answer: Yes. Any taxpayer can contact the IRS by phone or in writing to request a copy of their tax transcripts.
What does the IRS look for in an audit?
Answer: The IRS generally looks at income that appears to have been understated and at deductions and credits that have been taken by a taxpayer. Generally, the IRS may concentrate on a new area to focus its tax audit attention.
How can you resolve your IRS tax debt?
Answer: The IRS has several tax debt resolution programs, including Offer in Compromise, Installment Agreement and placement into Currently Not Collectible status.
Is there more IRS tax relief available due to the poor economy?
Answer: Although the IRS distributed a press release about a year ago saying that it was going to “more understanding and compassionate” to taxpayers, it doesn’t seem to have materialized. The likely reason is that the federal government needs money too and it has actually been more aggressive than ever.
IRS tax debt help
If you’re in search of IRS tax debt help, contact a tax law attorney to discuss your situation, evaluate your options and determine which form of IRS tax debt help is right for you.