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After a period of years when a tax debt cannot be collected because of banruptcy or lack of funds will the IRS discharge the debt?
Wiki User
∙ 16y ago
The IRS has ten years from the date the tax was originally assessed to collect the tax debt. After this time has passed, the statute of limitations will pass and any remaining taxes owed will go away. There are several things which can pause or "toll" the running of this statute. If you file an Offer in Compromise, file certain Appeals, file a suit against the IRS, or enter into bankruptcy, for example, the statute of limitations stops running for the duration that you are going through those proceedings. In general, if you do anything that stops the IRS from collecting the taxes the statute of limitations will be tolled during that period.
Wiki User
∙ 16y ago
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