In general, the Internal Revenue Service (IRS) has 10 years to collect unpaid tax debts. After that, the debt is erased from your books and canceled by the IRS. This is called the 10-year statute of limitations. It is not in the financial interest of the IRS to make this statute widely known.
Under certain circumstances, the IRS will forgive the tax debt after 10 years. However, that 10-year period may be longer than expected, considering extended suspensions, considering the tax settlement date set by the IRS compared to that of your last return, and whether or not you have kept your tax returns up to date since the borrowing period began. The IRS offers a debt forgiveness program for taxpayers who meet certain requirements. To be eligible, you must allege extreme financial difficulties and have filed all previous tax returns.
The program is only available to certain people, so be sure to check if you qualify. As former senior IRS collection agents, the professionals at Landmark Tax Group know how the IRS works and how to protect you and your assets. Depending on your needs, Landmark Tax Group can help you determine the exact due date of your IRS collection law, check the status of your case with the IRS, determine a plan to resolve your IRS collection case, and more. Whenever the IRS can't collect any payments from you at this time, and whenever you contact the IRS and wait for them to deliberate on your payment plan offer (OIC), the 10-year deadline for paying your tax debt is interrupted.
The IRS debt forgiveness program is a way for taxpayers who owe money to the IRS to pay their debts in a more manageable way.