whats the stature of limitation the IRS can come after you ?

Question

HOW MANY YEARS?

Answer 1

Statute of Limitations
Laws set forth the amount of time the IRS has to assess and collect taxes. These time limits are subject to change by defined circumstances, such as being out of the country, filing bankruptcy, filing an offer in compromise, certain appeals and other actions. The IRS is famous for extending the statute of limitations on collection by tricking the taxpayer into signing a Form 900 Waiver. Some waiver, the IRS employee would just make up a date then tell the taxpayer if he signs the form, he will be left alone. Nothing could have been further from the truth. That abuse has pretty much stopped since 2000 thanks to Congress.

The IRS has 3 years from the date of filing to assess taxes.

The IRS has 10 years from the date of assessment to collect the taxes.

Answer 2

To audit your tax returns, three years from the date they were filed unless there is a 25% omission of income which extends it to six years. In case of fraud there is no statute of limitations. The statute of limitations can be extended by enforcement of a summons, a voluntary waiver or filing a petition in tax court.

To collect a balance due, 10 years from the date of assessment (that is the date on the first bill you receive.) This can be extended by enforcement of a summons, voluntarily exending the statute of limitations, filing bankruptcy, an offer in compromise or being out of the country.

For prosecution, six years from the criminal act (normally filing a fraudulent return). This can be extended by enforcement of a summons.

Answer 3

The Federal statute of limitations is 5 years for financial matters. However, if fraud is discovered Congress may have enacted laws extending the time.

Answer 4

I ran into this question a few years ago practicing as a Certified Financial Planner - don't remember the details but at least a few years ago I remember that for fraud the period was unlimited (unless this has changed), and a few other "lookback" periods applied for varying circumstances - see answer above.

Answer 5

for collection 10 years from the due date of the return or date of filing whichever is later.

for fraud no limit.

for asking you for a return 6 years from due date.

for a refund 3 years from the due date of the return or 2 years from the date tax is paid which ever is later.

for an audit 3 years from the due date of the return or from the date filed if later.

Answer 6

The statute starts when you file. So if you haven't filed a required return, do so.