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What is the statute of limitation on IRS debt?

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Generally the statute of limitations for an IRS debt is 10 years from the date the tax liability was assessed. There are several things that can extend the statute of limitations however. Filing bankruptcy will extend the statute by the amount of time the taxpayer is in bankruptcy if the bankruptcy does not completely eliminate the tax liability. Submitting an Offer In Compromise will extend the statute as well. There are many other factors that affect the statute of limitations. If you have a question about your collection statute in relation to your tax liability, some experts offer a free tax consultation. Knowing when your collection statute expires can prove to be very valuable information for a variety of reasons.
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