The IRS 10-Year Collection Statute - Why It's So Important

This video explains why the 10-year collection statute is so important. The IRS cannot pursue collections action after 10 years - the meter runs out. This is the deadline that the IRS has to collect your income tax for each year filed. However, if the tax return is not filed, the statute never starts. It is common to think that it is advantageous to put off filing the tax return to buy more time when it's really a weaker position.

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Learn more about Jewell and find information and resources on taxes.
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Jewells Tax Consulting Services
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Nashville, TN 37204

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JewellsTax and related parties do not provide tax, financial, legal or accounting advice. This material has been prepared for educational purposes and is not intended to provide, and should not be relied on for, such advice. You should consult your own licensed professional for tax, financial, legal, and accounting advice before engaging in any transaction.

LEGAL DISCLOSURE: I am an enrolled agent and an insurance agent. Once someone engages me for services, and based on individual circumstances and additional information, I am qualified to advise on tax matters. The information on this video is based off rules and IRS guidelines at the time of taping, therefore, they are suggestions.