Taxes. No one likes having to file taxes. If you are among the million other Americans who don’t only have to file taxes but also have to pay additional taxes each year, you really do not like taxes. When you get hit with a hefty tax bill you are likely unable to pay all of it right away. Most Americans cannot. This then leads to the question of how long do you have to pay the taxes you owe and will you owe this tax debt forever. With the 2017 tax season having come to an end earlier this week, I am sure many Americans are asking this very question right now.
Fortunately, against common belief, there is actually a statute of limitations on IRS debt. A statute of limitations is a state or federal law that sets a specific time limit on how long an entity or individual can try to collect a debt from you. The statute of limitations for the collection of IRS debt is ten years. As with most things, there are some exceptions to this rule. Continue reading →