26 U.S. Code \u00a7 6502 <\/strong>– Collection after assessment <\/a><\/p>(a)Length of period<\/p>
Where the assessment of any tax imposed by this title has been made within the period of limitation properly applicable thereto, such tax may be collected by levy or by a proceeding in court, but only if the levy is made or the proceeding begun\u2014<\/p>
(1)within 10 years after the assessment of the tax, or<\/span><\/strong><\/p><\/blockquote>\n\n\n\n<\/span>Events that may extend 10 years period for collection of tax<\/strong><\/span><\/h2>\n\n\n\nThere are some situations under which the IRS gets more time than 10 years. These events in which the statute of limitation of 10 years for the collection of tax dues gets extended are:<\/p>\n\n\n\n
- 1. The taxpayer is out of USS for more than six months continuously, IRC 6503(c) suspends the time limitation. <\/li>
- 2. If taxpayer files for bankruptcy, time limitation gets extended <\/li>
- 3. If the taxpayer applies for an offer-in-compromise, IRS may request a voluntary waiver of the statute of limitations for five years as a condition. If you sign that, the collection statute of limitations\u00a0gets extended.
<\/strong><\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"This is a very often asked question: ” Can the IRS seize bank account ?” especially by a person who has tax debts. The answer is in the affirmative, as the Internal revenue Code has empowered IRS to do whatever to collect the tax dues. The power of seizure by the IRS comes from section […]<\/p>\n","protected":false},"author":1,"featured_media":5407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[54],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5399"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=5399"}],"version-history":[{"count":3,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5399\/revisions"}],"predecessor-version":[{"id":6442,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5399\/revisions\/6442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/5407"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=5399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=5399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=5399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}